Productivity growth is closely linked to the average level of:
a. age.
b. education.
c. technology.
d. wages.
d. wages.
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A deficit nation in a fixed exchange rate system can improve its balance of payments by increasing
a. its money supply. b. its interest rates. c. its level of real GDP. d. aggregate demand.
Monopoly pricing prevents some mutually beneficial trades from taking place. These unrealized, mutually beneficial trades are
a. of little concern to society. b. a deadweight loss to society. c. a sunk cost to society. d. also observed in competitive markets.
In a constant-cost industry, inputs prices do not change with changes in output.
Answer the following statement true (T) or false (F)
Wide price swings in farm products are the result of
A. Supply shifts and the relatively elastic demand for food. B. Supply shifts and the relatively inelastic demand for food. C. The high income elasticity of food demand. D. Demand shifts and the relatively elastic supply of food.