A basic principle of economics is that a country's standard of living depends on its
a. quantity of physical capital.
b. abundance of natural resources.
c. ability to produce goods and services.
d. ability to thrive economically without having to interact with other countries.
c
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At point e in the above figure, the marginal product of labor
A) is less than the average product of labor. B) equals the average product of labor. C) is greater than the average product of labor. D) is at its maximum.
Which of the following is an example of a public good?
A) a box of bath tissues B) a public bus C) an ice cream cone D) street signs
Of the collection of supply and demand diagrams in Figure 2.2, which one shows the result of a decrease in the price of an input in the market for anything?
A. Figure 1 B. Figure 2 C. Figure 3 D. Figure 4
Increases in potential output shift:
A. the long-run aggregate supply curve, the short-run aggregate supply curve, and the dynamic aggregate demand curve. B. the short-run aggregate supply curve. C. the long-run aggregate supply curve. D. both the long-run aggregate supply curve and the short-run aggregate supply curve.