Because resources are limited:
A. only the very wealthy can get everything they want.
B. firms will be forced out of business.
C. the availability of goods will be limited but the availability of services will not.
D. people must make choices.
Answer: D
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A production function assumes a given
A) technology. B) set of input prices. C) ratio of input prices. D) amount of capital and labor. E) amount of output.
Suppose a fishing boat currently brings 10,000 fish to market and earns a profit of $40,000 when the price of fish is $8 . Suppose the boat dealer had overcharged the boat owner for the boat and refunded the overcharged amount. If the profit increases to $7.50 per fish, what was the value of the refund from the dealer?
a. $2.50 b. $25,000 c. $3.50 d. $35,000 e. $75,000
A demand-pull inflation can be described as ... shifts in the aggregate demand curve and ... shift in the short-run aggregate supply curve
What will be an ideal response?
Given the combination of purchasing power parity (PPP) with quantity theory equations, which of the following statements is true?
A. As long as the money supplies in the two countries are the same, the exchange rate will be equal to one. B. Everything else remaining unchanged, the price of the foreign currency (e) would be reduced by an increase in the relative size of the money supply in the domestic economy. C. Everything else remaining unchanged, the price of the foreign currency (e) would be raised by an increase in the relative size of foreign production. D. The exchange rate would remain unaffected as long as the relative growth in productivity between the two nations remains constant, even if the relative money supply varies between the two economies.