Advances in productivity increase supply because they might
A) increase the price expected in the future.
B) decrease the cost of production.
C) increase the number of firms producing the good.
D) raise the prices of resources used to produce the good.
E) decrease the number of goods available.
B
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Income lost by the unemployed is an example of the ________ cost of unemployment, while the additional spending to control crime is an example of the ________ cost of unemployment.
A. psychological; economic B. economic; psychological C. economic; social D. social; psychological
Lisa eats both pizzas and burritos. If the price of a pizza increases, Lisa's opportunity set
A) becomes larger. B) becomes smaller. C) is unchanged. D) cannot be determined without more information.
Which of the following explain(s) better the fact that computers are cheaper now than 10 years ago?
a. c and d. b. c and e. c. The technology used in the production of computers has improved during this period. d. Resources used in the production of computers have become cheaper during this period. e. The demand for computers has increased substantially during this period.
GDP excludes most of two types of production. List one