In the short run, the supply of a resource will generally be
a. less elastic than in the long run.
b. more elastic than in the long run.
c. equally elastic as the supply of the resource in the long run.
d. inversely related to the elasticity of demand for the product that the resource helps produce.
A
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Inferior goods are low quality goods that people prefer to buy less of
a. True b. False Indicate whether the statement is true or false
Japan's status as a rich nation is attributable to
a. Japan's quantities of natural resources, but not to international trade. b. international trade, but not to Japan's domestic quantities of natural resources. c. the fact that Japanese productivity has remained nearly constant for more than 100 years. d. the fact that the Japanese have downplayed the role of human capital in economic growth.
________ involve the exchange of currency the second day after the date on which the two foreign-exchange traders agree to the transaction.
A) Spot transactions B) Outright forward transactions C) FX swaps D) Reverse transactions
The ability to produce a good or service at a lower opportunity cost than other producers is
A) absolute advantage. B) comparative advantage. C) opportunity advantage. D) special advantage.