Define “supply.”
Please provide the best answer for the statement.
The definition of supply is very similar to that of demand. Supply is a schedule which shows the various amounts of a product sellers are willing and able to produce and offer for sale at each price in a series of possible prices during a specified period, other things being equal.
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When the price level rises and increases the demand for money, the nominal interest rate ________ and the real interest rate ________
A) falls; rises B) rises; falls C) rises; rises D) falls; falls E) does not change; does not change
The growth rate of potential GDP is the sum of two other growth rates. These other growth rates are
a. population and resource base. b. goods output and services output. c. labor input and labor hours worked. d. labor input and labor productivity.
Which of the following about economic growth is true?
a. The rich countries are consistently getting richer, while the poor countries are getting poorer. b. No LDC was able to achieve a more rapid growth rate than the United States during the 1980 through 2009 period. c. The growth picture of LDCs is clearly one of diversity; some LDCs are growing rapidly, while others continue to stagnate. d. The fastest growing countries in the world are all high-income industrial economies.
Historical note: Until 1975, the United States' balance of trade was characterized by
a. moderate deficits b. huge deficits c. moderate surpluses d. high volatility, that is, dramatic ups and downs (positives and negatives) e. zero balance or equilibrium