Depletable resource prices change over time depending on
A. how the technology of resource extraction changes.
B. the prices of publicly traded stock.
C. the number of countries that have nationalized production.
D. the prices of substitutable renewable resources.
Answer: A
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Once a country has lost its comparative advantage in producing a good, its income will be ________ and its economy will be ________ if it switches from producing the good to importing it
A) higher; less efficient B) lower; less efficient C) higher; more efficient D) lower; more efficient
Paul Romer, an economist at Stanford University, is most closely associated with what economic theory?
A) the process of creative destruction B) the Communist Manifesto C) new growth theory D) labor productivity theory
If in the short run, at the profit maximizing level of output, the average revenue curve of a competitive firm lies above the average cost curve then:
a. the firm is incurring losses. b. the firm is just able to cover its total cost. c. the firm enjoys above-normal profits. d. the firm must shut down. e. the firm is barely able to cover its variable costs.
Economists usually assume that all consumers have the same tastes and preferences
a. True b. False