If total production (TP) is greater than total expenditures (TE), it follows that
A) producers have produced more than individuals buy.
B) optimum inventory levels rise.
C) firms have underproduced.
D) actual inventory levels unexpectedly rise.
E) a and d
E
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Trends in economic growth of South Korea have been significantly different from the trends in economic growth of North Korea. This is primarily because
A) North Korea has inclusive institutions while South Korea has extractive institutions. B) quality of agricultural land is better in North Korea than in South Korea. C) quality of agricultural land is better in South Korea than in North Korea. D) South Korea has inclusive institutions while North Korea has extractive institutions.
The above table gives the market demand and market supply schedules for soda. There are no external benefits or external costs. What is the efficient quantity of soda?
A) 1400 B) 1000 C) 600 D) It is impossible to determine the efficient quantity without more information.
A decrease in population shifts the production possibilities frontier outwards over time
Indicate whether the statement is true or false
Explain how labor resistance and political and legislative influences reduce the ability of firms to minimize their costs of production. What do the two have in common in this regard?
What will be an ideal response?