______ are resources that are fully used up in the production process.
A. Materials
B. Capital inputs
C. Variable inputs
D. Fixed inputs
A. Materials
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Whenever the balance on the current account (CA) is negative, it indicates that:
a) the trade deficit b) total spending (GNE) in the economy is greater than income (GNDI) and is financed by barrowing from abroad c) domestic investment is less than national savings d) income (GNDI) is greater than total spending (GNE) in the economy and the country is a net lender to the rest of the world
According to the graph shown, if the government decides to increase taxes, it is most likely at equilibrium:
A. A B. B C. C D. D
The price elasticity of demand for labor will be smaller, the
A) smaller is the price elasticity of demand for the final product. B) easier it is to employ substitute inputs in production. C) larger is the proportion of wage costs in the total cost of production. D) longer is the time period under examination.
The country with a comparative advantage in the production of good X is the one that:
A. can produce good X at the lowest opportunity cost. B. can produce good X with the least labor. C. has the greatest supply of the natural resources used in producing good X. D. has the greatest technical efficiency in producing good X.