If input cost rises significantly when production is increased, a firm's price elasticity of supply will tend to be low
Indicate whether the statement is true or false
true
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The economic problem of scarcity
A. is unique to a capitalist economy. B. requires that choices be made among alternatives. C. disappears as technology advances. D. affects only less-developed countries.
In the 2-factor, 2 good Heckscher-Ohlin model, trade will ________ the owners of a country's ________ factor and will ________ the good that uses that factor intensively
A) benefit; abundant; export B) harm; abundant; import C) benefit; scarce; export D) benefit; scarce; import E) harm; scarce; export
The Federal Reserve System is run by the President of the United States
a. True b. False Indicate whether the statement is true or false
The Cournot theory of oligopoly assumes rivals will:
A. keep their output constant. B. follow the learning curve. C. decrease output whenever a firm increases its output. D. increase their output whenever a firm increases its output.