If you remove resources from factory production, the quantity of factory goods will:
A. increase.
B. decrease.
C. remain the same but their price will decrease.
D. be diverted to other production.
Answer: B
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Over the past seventy-five years, power within the Federal Reserve has shifted from
A) the Federal Reserve Banks to the Board of Governors in Washington. B) the Board of Governors to the Federal Reserve Bank of New York. C) domestic Federal Reserve banks to foreign Federal Reserve banks. D) the Federal Reserve Bank of New York to the Federal Reserve Bank of Dallas.
In a modern economy, the economic life of every individual is interrelated
a. True b. False Indicate whether the statement is true or false
In a monopolistically competitive market:
A. firms produce differentiated products. B. firms produce homogeneous products. C. the demand for any firm's product is perfectly elastic. D. there are barriers to entry.
If a good is inferior, its
A. Income elasticity of demand is positive. B. Cross-price elasticity is negative. C. Price elasticity of demand is negative. D. Income elasticity of demand is negative.