What is the difference between quantity supplied and supply?
What will be an ideal response?
Quantity supplied is the amount that people are willing to sell during a specific period for a specific price. It deals with one quantity at one price. Supply is the relationship between the quantity supplied and the price of the good. Supply applies to various prices and various quantities.
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The key indicator of a country's living standard and economic well-being is:
A. real GDP. B. the interest rate. C. real GDP per person. D. nominal GDP per person.
Assume the marginal product for a particular good is constant. Describe the shape of the total product function that would accompany it
What will be an ideal response?
If Toyota sells a $1000 bond in the United States, the bond is a
A) foreign bond. B) Eurobond. C) Tokyo bond. D) currency bond.
The marginal rate of technical substitution is
A. the slope of the isocost curve. B. the rate at which the firm can substitute labor for capital while holding total cost constant. C. the rate at which the firm can substitute labor for capital while holding output constant. D. both a and c E. none of the above