As the price of a resource (e.g., labor) decreases,
a. demand for that resource increases
b. the quantity demanded of that resource decreases
c. the supply of that resource increases
d. producers are more willing and able to hire that resource
e. producers are less willing and able to hire that resource
D
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Once a country has a comparative advantage in producing a product, it cannot lose that advantage
Indicate whether the statement is true or false
If real GDP per capita in the United States is $8,000 in 2016, and if real GDP per capita is $12,000 in 2026, what is the average annual percent change in the growth rate of GDP per capita between 2016 and 2026?
A) 3.33% B) 5% C) 33% D) 50%
The contagion effect refers to the fact that
A) deposit insurance has eliminated the problem of bank failures. B) bank runs involve only sound banks. C) bank runs involve only insolvent banks. D) the failure of one bank can hasten the failure of other banks.
Total revenue
A. can be calculated directly from the demand curve. B. can be calculated directly from the average revenue curve. C. is found by multiplying price times quantity. D. All of the responses are correct.