A labor-intensive production process is one that
A. Is used only in the United States.
B. Has a low ratio of labor to capital.
C. Has a low ratio of capital to labor.
D. All of the choices are correct.
Answer: C
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An import quota is:
A. a limit on the amount of a particular good that can be exported. B. a tax on the good or services that are imported. C. a limit on the amount of a particular good that can be imported. D. None of these is true.
"Price" in the statement of the Law of Supply refers to:
A. The amount that buyers are willing and able to pay for each unit of the product B. The cost of producing each unit of the product C. The total revenues that sellers receives for selling a given quantity of the product D. The total amount that buyers pay in order to acquire a given quantity of the product
The expenditure approach to measuring GDP is done by using data on only
A) consumption expenditure. B) consumption expenditure and investment. C) consumption expenditure, investment, government expenditure on goods and services, and net exports of goods and services. D) consumption expenditure, investment, and government expenditures. E) wages, rent, interest, and profit.
An explanation for why the short-run aggregate supply curve is upward-sloping is because: a. the quantity of real output supplied is inversely related to the aggregate supply curve. b. nominal incomes are fixed
c. the capital-output ratio is fixed. d. an increase in price will increase the marginal aggregate output.