In economic terminology, when a resource is used to produce output it is referred to as
A. a fifth element.
B. a factor of production.
C. an intangible.
D. a service.
Answer: B
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Suppose Belgium produces only two goods, chocolate and lace. If Belgium has a comparative advantage in lace, a move toward free trade will
A) benefit chocolate workers, harm lace workers in the short run, but benefit the nation as a whole. B) harm chocolate workers in the short run, benefit lace workers, but benefit the nation as a whole. C) benefit chocolate workers, harm lace workers in the short run, but harm the nation as a whole. D) harm chocolate workers in the short run, harm lace workers, but benefit the nation as a whole.
Explain what is meant by excess demand or s shortage
What will be an ideal response?
The demand for a product is more inelastic
a. When it has many close substitutes b. In the long-run c. When it has many complements d. None of the above
The government of a country decides to reduce fiscal spending on national defense. The resulting economic change will be represented by a(n): a. upward movement along the short-run Phillips curve. b. downward movement along the short-run Phillips curve. c. rightward shift of the short-run Phillips curve
d. leftward shift of the short-run Phillips curve.