According to the law of supply, as the price of a good increases,
a. buyers will buy more of the good.
b. buyers will buy less of the good.
c. sellers will produce more of the good.
d. sellers will produce less of the good.
C
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The official settlements account contains data on
A) trade complaints that are officially settled. B) capital imports and exports. C) official reserves. D) officials' expenses. E) official governmental complaints between countries.
Refer to Table 2-21. This table shows the number of labor hours required to produce a digital camera and a bushel of wheat in China and South Korea
a. Which country has an absolute advantage in the production of digital cameras? b. Which country has an absolute advantage in the production of wheat? c. What is China's opportunity cost of producing one digital camera? d. What is South Korea's opportunity cost of producing one digital camera? e. What is China's opportunity cost of producing one bushel of wheat? f. What is South Korea's opportunity cost of producing one pound of wheat? g. If each country specializes in the production of the product in which it has a comparative advantage, who should produce digital cameras? h. If each country specializes in the production of the product in which it has a comparative advantage, who should produce wheat?
From the classical perspective, an increase in unemployment during a recession represents
A) voluntary unemployment. B) a roughly equal mix of voluntary and involuntary unemployment. C) involuntary unemployment. D) a decrease in the number of discouraged workers in an economy.
Natural monopolies fail to minimize
A. Marginal revenue. B. Average variable cost. C. Average total cost. D. Marginal cost.