Suppose that the price of butter is $3 per pound and the price of margarine is $2 per pound. If the price of butter rises to $3.90 and the price of margarine rises to $2.20, then the absolute price of butter has _______________ and the relative price of butter has _______________
A) risen; fallen
B) fallen; risen
C) risen; risen
D) fallen; fallen
C
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When economists use market values to aggregate output, they sum the:
A. number of items produced. B. quantity of items produced. C. inputs of each item produced. D. price times the quantity of each item produced.
When people who are willing and able to work cannot find jobs, ________ is said to exist
Fill in the blank(s) with correct word
Describe some of the features hindering developing countries from growing faster
What will be an ideal response?
Foreign residents can benefit from U.S. research and development activity because
A) they ignore U.S. patent laws and steal the technology. B) they can import the goods, obtaining inputs at lower cost than they would otherwise. C) countries usually share patented ideas. D) patents do a poor job of protecting the inventor.