Firms that produce 90 percent of all phone cameras have shut down their facilities for maintenance. In the phone camera market this will lead to
A) an increase in price and a decrease in quantity.
B) an increase in price and an increase in quantity.
C) a decrease in price and a decrease in quantity.
D) a decrease in price and an increase in quantity.
Answer: A
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In economics, physical capital includes
A) money. B) bank accounts. C) machinery. D) shares of stock.
The unemployment rate may:
A. understate the effect of a recession on employment because some leave the labor force. B. understate the effect of a recession on employment because many enter the labor force. C. overstate the effect of a recession on employment because some leave the labor force. D. overstate the effect of a recession on employment because many enter the labor force.
In high-income nations, the diminishing returns associated with capital deepening can offset the gains from technology
a. True b. False Indicate whether the statement is true or false
An inward shift in the entire production possibilities frontier
A. represents economic growth. B. means that the economy can produce more of both goods. C. takes place if there is an expansion in the labor force. D. means that previous levels of production are now unobtainable.