A market is in equilibrium when
A) supply is equal to demand.
B) the price is adjusting upward.
C) the quantity supplied is equal to the quantity demanded.
D) tastes and preference remain constant.
C
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Refer to Figure 2-14. If the two countries have the same amount of resources and the same technological knowledge, which country has an absolute advantage in the production of popsicles?
A) Greenland B) They have the same advantage. C) Iceland D) cannot be determined Table 2-20 shows the number of labor hours required to produce a wristwatch and a pound of rice in Japan and Thailand.
What are the three main indicators that make up the Human Development Index?
What will be an ideal response?
A point inside a production possibilities curve indicates
A) resources are not being used efficiently. B) resources are being used very efficiently. C) opportunity costs are constant. D) an output combination that is unobtainable with the current resource and technology levels
In the space provided in the graph above, draw a perfectly elastic demand curve D1, and a very elastic demand curve, D2.
