The supply schedule shows the relationship between price and quantity supplied

Indicate whether the statement is true or false


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Economics

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For baseball card collectors, Babe Ruth baseball cards from 1927 would most likely have a perfectly

A) inelastic demand. B) inelastic supply. C) elastic demand. D) elastic supply.

Economics

It is believed that the relatively high rate of labor force growth in the developing countries does not translate into a high rate of economic growth because:

a. workers in developing countries have excess capital. b. workers in developing countries are not motivated enough. c. workers in developing countries do not have the natural resources needed for production. d. workers in developing countries have very little capital. e. the high birth rate is more than offset by an enormous mortality rate.

Economics

Which of the following is a diversity of industry argument in favor of restrictions on foreign trade? a. Foreign producers must be prevented from exporting their goods below cost of production

b. Domestic workers must be protected from the lower wages paid in foreign countries. c. The nation's security demands we ensure an adequate domestic supply of certain strategic goods. d. Don't have all of your eggs in one basket. e. Industries in the early stages of development must be protected from more mature producers.

Economics

In the early 1900s, Henry Ford revolutionized the automotive manufacturing industry by instituting the assembly line. What impact did the assembly line method for producing automobiles have on the per-worker production function for Ford?

A) It became linear.
B) It shifted down.
C) It shifted up.
D) It became flatter.

Economics