Goods and services are produced in one country that are then sold in another country are called ______.
a. exports
b. trade-able items
c. surplus items
d. economic stimulants
a. exports
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A natural monopoly occurs when a single firm can produce the entire output of the market at a lower average cost than could many firms.
Answer the following statement true (T) or false (F)
Okun's Law posits a relationship between which two variables?
Select one: a. The interest rate and real GDP b. The unemployment rate and inflation c. The unemployment rate and real GDP d. The unemployment rate and the interest rate
Increased recycling for a resource will
a. Increase the choke price b. Decrease the choke price c. Increase the physical reserve d. Increase the economic reserves e. Increase the time until the choke price is reached
How does an aggregate demand curve differ from an individual demand curve?
a. An aggregate demand curve shows the quantity demanded at various prices, whereas an individual demand curve shows the quantity demanded at different price levels. b. An aggregate demand curve deals with particular goods, whereas an individual demand curve shows the quantity demanded by a single nation. c. An aggregate demand curve deals with the economy as a whole, whereas an individual demand curve shows the quantity demanded by one person. d. An aggregate demand curve shows the changes in prices of related goods, whereas an individual demand curve shows the changes in economy-wide prices.