Economic growth is a result of:
A. A reduction in the unemployment rate
B. An increase in the opportunity costs of production
C. A decrease in the demand for resources
D. An increase in the supply of resources
Answer: D
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Assume that there is an unexpected increase in the demand for U.S. dollars in Switzerland. If the foreign currency price of the U.S. dollar is fixed, the U.S. Federal Reserve must intervene in the foreign exchange market such that:
a. the supply of U.S. dollars increases. b. the U.S. demand for the Swiss franc falls. c. the supply of U.S. dollars decreases. d. Swiss imports from the United States are reduced. e. the Swiss currency is devalued.
As price rises, quantity demanded _____.
Fill in the blank(s) with the appropriate word(s).
If opportunity costs are constant, then
A) the production possibilities curve does not exist. B) the production possibilities curve bows outward. C) the production possibilities curve is a straight line. D) factors of production must not be fully employed.
The claim that successful entrepreneurs in a free market have a comparative advantage in arbitrage activity means
What will be an ideal response?