A resource is something that _____
a. is used to produce goods and services.
b. is provided by nature, and not produced by society.
c. exists in unlimited quantities in developed countries.
d. must be produced by a firm.
e. is always available free of cost.
a. is used to produce goods and services.
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If the U.S. real exchange rate decreases, U.S. imports will ________ and U.S. exports will ________
A) rise; rise B) rise; fall C) fall; rise D) fall; fall
A simultaneous increase in both the demand for MP3 players and the supply of MP3 players would imply that
a. both the value of MP3 players to consumers and the cost of producing MP3 players has increased. b. both the value of MP3 players to consumers and the cost of producing MP3 players has decreased. c. the value of MP3 players to consumers has decreased, and the cost of producing MP3 players has increased. d. the value of MP3 players to consumers has increased, and the cost of producing MP3 players has decreased.
Why does the United States tend to use more capital-intensive methods than many other places?
a. Machinery is relatively expensive in the United States. b. Wages are relatively low in the United States. c. Labor is relatively expensive in the United States. d. Machinery is relatively scarce in the United States.
If the supply curve is vertical, then supply is
A. perfectly elastic. B. relatively elastic. C. unit elastic. D. perfectly inelastic.