A reason that the United States has the largest economy in the world because
A. it has the most land to work with.
B. it has a smaller population to support.
C. American workers are very productive.
D. All of the responses are correct.
Answer: C
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A constant marginal rate of substitution between two goods implies that they are
A) perfect complements. B) perfect substitutes. C) independent goods. D) unattainable.
The curve that shows the quantity of goods and services that firms produce and sell
a. as it relates to the quantity of goods and services that buyers want to buy is called the aggregate-demand curve. b. as it relates to the quantity of goods and services that buyers want to buy is called the aggregate-supply curve. c. as it relates to the overall price level is called the aggregate-demand curve. d. as it relates to the overall price level is called the aggregate-supply curve.
Economic integration refers to the growth of market linkages in:
A) goods only. B) labor. C) capital and labor only. D) goods, capital, and labor.
Which of the following statements is true?
A. TC = TFC ? TVC B. AVC = TC / Q C. TFC = TC ? TVC D. MC equals the change in ATC divided by the change in Q.