The availability year-round in U.S. supermarkets of produce from Central America reflects which of the following economic concepts?
a. scarcity
b. productivity
c. specialization
d. competition
c. specialization
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Suppose the firms in a monopolistically competitive market are earning positive economic profits. What will happen to move the market to its long-run equilibrium?
A) The firms' demand curves will become less elastic. B) The demand curves faced by firms in the market will shift to the right. C) More close substitutes will appear in the market. D) Some firms will exit the market if they can't cover all of their fixed and variable costs.
Suppose the production function is Y = AK0.3N0.7. Suppose in 2000, K = 1000, N = 100, and Y = 199.5. In 2010, capital, labor, and output have doubled, so K = 2000, N = 200, and Y = 399
(a) By what percentage did productivity grow from 2000 to 2010? (b) If output had risen to 798 instead of 399, and capital and labor doubled, by what percentage would productivity have grown from 2000 to 2010?
Which word comes from the Greek world for "one who manages a household"?
a) market b) consumer c) producer d) economy
The U.S. dollar's effective exchange rate since 2002 has steadily weakened. However, it didn't weaken as much against ALL currencies as it did against the currencies of the major developed countries (which include the pound and the euro). This could be because:
a. the U.S. government has a strong dollar policy. b. the large trading partners, China and Japan, did not allow their currencies to appreciate greatly against the U.S. dollar. c. the rate of appreciation is always somewhat greater than the rate of depreciation. d. the United States does not trade with some nations, so the effective rate is biased.