Proved reserves of tin have declined since 2000 . but the price of tin has fluctuated for the past six decades, with no obvious upward or downward trend. This indicates that
a. the world will run out of tin in a few years because the proved reserves have fallen.
b. short-term rises in demand and/or declines in the supply of tin have occurred over time, but there is no reason to worry about running out of this resource in the foreseeable future.
c. the demand for tin has been rising and the world will run out of tin in the future unless there is a reversal of this trend.
d. the market price of tin will rise as miners discover more tin.
B
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The equation of exchange is written as
A. M× V = P× Y. B. M× P = V× Y. C. M× Y = P× V. D. M× Y = Y× P.
If an American firm produces goods that are sold to a German household, then
A) German GDP increases but not U.S. GDP. B) U.S. GDP increases. C) the transaction is considered an export in the German GDP accounts. D) net exports in the United States will not change because an export immediately generates an offsetting import.
Increasing marginal returns to labor might occur at low levels of labor input because of
A) increasing average costs. B) differing factor proportions. C) increasing specialization of tasks. D) decreasing use of machinery and increasing use of technology.
If the short-run aggregate supply increases by less than the long-run aggregate supply, then, at the short-run equilibrium,
A) GDP will be above potential GDP. B) aggregate demand will increase. C) GDP will be below potential GDP. D) GDP will be equal to potential GDP.