Suppose that there is an improvement in technology in the market for Samsung phones. Which of the following is TRUE?
A. Demand will increase and the market clearing price will fall.
B. Supply will increase and the market clearing price will fall.
C. Demand will increase and the market clearing price will rise.
D. Supply will increase and the market clearing price will rise.
Answer: B
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All of the following would be considered a direct material for an automobile
A. Tires B. fabric for seats C. Batteries D. sand paper.
The supply curve of U.S. dollars shifts leftward. This could have been influenced by ________
A) a rise in the U.S. interest rate differential B) a fall in the expected future exchange rate C) an increase in the U.S. exchange rate D) a decrease in the U.S. exchange rate
The situation where a country can produce a good at a lower opportunity cost than another country is called a(n) __________ advantage
A) permanent B) transitory C) absolute D) comparative E) natural
Specialization and exchange result from differences in productivity that lead to:
A. opportunity cost. B. comparative advantage. C. absolute advantage. D. self-sufficiency.