Resource owners will supply additional units of a resource as long as
a. doing so increases their costs
b. doing so increases production
c. the quantity of the resource demanded exceeds the resource price
d. resource users demand the resource
e. doing so increases their utility
E
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When product prices increase slower than nominal wages increase, the real value of wages decreases
Indicate whether the statement is true or false
Since the 1960s, development proceeded without many natural resources in
A. Canada. B. Japan. C. Saudi Arabia. D. all of the options are correct.
The Fed acts as lender of last resort:
A. when deposit insurance isn't enough or when an institution isn't covered by deposit insurance. B. only when an institution is not covered by deposit insurance but deposit insurance would have been enough. C. for any institution, household, or business, that faces a solvency crisis. D. only when an institution is covered by deposit insurance but deposit insurance isn't enough.
If gas prices today were $2.50 per gallon, in terms of history, this would be
A. not an all-time high but rather high in inflation-adjusted terms. B. an all-time high in nominal terms. C. about the long-term historical average in inflation-adjusted terms. D. an all-time high in inflation-adjusted terms.