Capital, labor, and other factors of production move more freely from country to country than they do within a country
a. True
b. False
Indicate whether the statement is true or false
False
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Recall the Application. The equilibrium price of pecans increased because the demand curve shifted
A) up and to the right. B) up and to the left. C) down and to the right. D) down and to the left.
The goods and services included in GDP are allocated to which of the following four major sectors?
a. consumption, investment, government purchases, and transfer payments. b. consumption, taxes, saving, and transfer payments. c. investment, government purchases, net exports, and military goods. d. consumption, investment, government purchases, and net exports.
For this question, assume that the production function exhibits the same characteristics as those presented in the textbook. Based on these characteristics (i.e., assumptions), successive and equal increases in capital per worker will cause which of the following to occur?
A) Output per worker will decline. B) Output per worker will not change. C) Output per worker will increase by a constant amount. D) Output per worker will increase by a larger amount. E) none of the above
Refer to the above figure. Which panel demonstrates the law of supply?
A. Panel A B. Panel B C. Panel C D. Panel D