Which of the following is true regarding demand?
i. Demand is the relationship between quantity demanded and the price of a good when all other influences on buying plans remain the same.
ii. Demand refers to one quantity at one time.
iii. "Demand" and "quantity demanded" are the same thing.
A) i only
B) both i and ii
C) iii only
D) ii only
E) both ii and iii
A
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In a two-nation world, comparative advantage in the production of a particular product means that one nation can produce
A. the product at a lower domestic opportunity cost than the other nation. B. more of the product than the other nation. C. the product with fewer inputs than the other nation. D. the product at lower average cost than the other nation.
The more human capital workers have, the:
A. less productive they are. B. more productive they are. C. lower the value of their marginal product. D. more technology they will require for their job.
Growth in total factor productivity equals the _____
a. sum of resource growth and economic growth b. ratio of total output to total input c. ratio of total input to total output d. percentage change in per capita real GDP e. percentage change in output minus the percentage change in resources
Ceteris paribus, for a monopoly to sell more output, it must lower its price.
Answer the following statement true (T) or false (F)