In the above, which figure(s) show(s) a relationship between the variables that is always negative?
A) Figure A only
B) Figure D only
C) Figures A and C
D) Figures A, C, and D
E) Figure B only
B
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The best definition for economic growth is
A) a sustained expansion of production possibilities measured as the increase in real GDP over a given period. B) a sustained expansion of production possibilities measured as the increase in nominal GDP over a given period. C) a sustained expansion of consumption goods over a given period. D) a sustained expansion of production goods over a given period.
We assume that firms, when they are deciding the best rate of output at which to produce
A) try to get the highest price possible. B) want to maximize sales. C) want to minimize costs. D) want to maximize profits.
In the supply and demand model, prices
a. are controlled by the government. b. show equilibrium. c. are signals about the value and availability of the good. d. are the cost of production.
If a vintner has a comparative advantage in producing wine,
A. he can produce wine at a lower opportunity cost than other vintners. B. he also has an absolute advantage in producing wine. C. wine is the only product he can produce. D. he can produce more wine using the same resources than other vintners.