Over the long run, the U.S. economy:
a. has grown dramatically.
b. has shown nominal growth.
c. has remained more or less stagnant.
d. has not produced enough capital goods.
a
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In a two-nation, two-good world, if country A has the comparative advantage in producing good X over country B, then country A
A. could have the comparative advantage in producing the other good Y as well. B. must have the comparative disadvantage in producing the other good Y. C. should not trade with country B. D. can produce good X with fewer resources than country B.
Paul's monthly income decreased from $2,500 to $2,300. As a result, he decreased the number of DVDs he rents per month from 5 to 4. Paul's demand for DVD rentals is
A) price elastic. B) price inelastic. C) income elastic. D) income inelastic.
What is the difference between the nominal interest rate and the real interest rate?
What will be an ideal response?
Assume 300 billion pounds of Ostrich meat is produced per year when the price is 50 cents per pound, and 500 billion pounds when the price is 60 cents per pound. The supply of Ostrich meat, other factors held constant, is:
a. price elastic. b. price inelastic. c. income elastic. d. income inelastic.