A move from G to H represents
A. a change in quantity demanded.
B. a change in demand.
C. an increase in demand.
D. a decrease in demand.
A. a change in quantity demanded.
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Potential output in an economy decreases as the supply of labor decreases or the capital stock increases
Indicate whether the statement is true or false
The rutabaga market is perfectly competitive and the price of a ton of rutabagas rises. As a result, Rudy, a rutabaga farmer, will
A) decrease his output of rutabagas. B) not change his output of rutabagas because Rudy's firm is a price taker. C) increase his output of rutabagas. D) at first decrease and then increase his output of rutabagas. E) probably change his output of rutabagas, but more information is needed about the change in the marginal revenue of a ton of rutabagas.
If a number equal to the mean (average) of a series of observations is added to the series, the new mean is:
A) greater than the original mean. B) smaller than the original mean. C) same as the original mean. D) either greater or smaller than the original mean depending on the number of observations in the series.
Which term describes the situation in which a country that can consume more than it can produce as a result of specialization and trade?
a. comparative advantage b. absolute advantage c. gain from trade d. trade advantage