Discovery of new gold in Alaska will ________ the ________ of gold, ________ its price, everything else held constant
A) increase; demand; increasing
B) decrease; demand; decreasing
C) decrease; supply; increasing
D) increase; supply; decreasing
D
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In the above figure, the marginal product of labor is zero at point
A) a. B) c. C) e. D) f.
The Laffer curve indicates that
a. when tax rates are low, a decrease in tax rates is likely to increase tax revenues. b. when tax rates are high, an increase in tax rates is likely to a decrease in tax revenues. c. tax revenue will always increase when tax rates are increased. d. tax revenue will always decrease when tax rates are lowered.
Assume the nation of Teeveeland does not trade with the rest of the world. By comparing the world price of televisions to the price of televisions in Teeveeland, we can determine whether
a. consumer surplus exceeds producer surplus in Teeveeland. b. Teeveeland has an absolute advantage in producing televisions. c. Teeveeland has a comparative advantage in producing televisions. d. All of the above are correct.
The table below shows how the output of wool fabric varies with the number of workers employed in a factory. The average product of workers in this factory
a. declines steadily from 15 yards of fabric per worker per day to 10 yards of fabric per worker per day, as employment in the factory is increased from 1 to 7 workers. b. is maximized when 3 workers are employed per day. c. is maximized when 2 workers are employed per day. d. is equal to 20 yards of fabric per worker per day, no matter how many workers are employed per day.