Harvesting less wheat than the land is capable of producing is an example of
a. marginal costs
b. opportunity costs
c. good farming practices
d. underutilization
Ans: d. underutilization
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Donuts and coffee are complements. When the price of a donut increases, the demand for coffee ________ and the cross elasticity of demand for coffee with respect to the price of a donut is ________
A) decreases; negative B) increases; negative C) increases; positive D) decreases; positive
In the Keynesian framework, as long as output is below the equilibrium level, unplanned inventory investment will remain negative, firms will continue to ________ production, and output will continue to ________
A) lower; fall B) lower; rise C) raise; fall D) raise; rise
Platform monopolies are most likely:
A. perfect competitors. B. natural monopolies. C. contestable monopolies. D. cartels.
Per capita GDP will definitely rise if
A. The rate of economic growth is less than the rate of population growth. B. The population falls and GDP does not fall. C. There is a decrease in the size of the working population. D. The rate of economic growth falls.