As price declines, quantity supplied
A. rises.
B. falls.
C. remains the same.
B. falls.
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________ is defined as the change in quantity between two dates
A) Growth rate B) Improvement ratio C) Development ratio D) Progress index
Under a pure price system, the decision of resource allocation is made by
A) the head of the government. B) a queen or king. C) individuals who own the resources. D) no one.
Which statement best describes the relationship between steamboats, keelboats and flatboats on the Mississippi River in the antebellum period?
a. Steamboats were substitutes for both keelboats and flatboats. b. Steamboats were complements for both keelboats and flatboats. c. Steamboats were substitutes for keelboats and complements for flatboats. d. Steamboats were substitutes for flatboats and complements for keelboats.
The number of workers employed will not change as a result of an increase in productivity when which of the following occurs?
A) The AS curve shifts downward. B) Output growth exceeds productivity growth. C) Productivity growth is equal to output growth. D) The AD curve shifts to the right. E) none of the above