When demand increases in a perfectly competitive market, in the short run _______________, and in the long run _______________.
A. quantity supplied increases; supply increases
B. quantity supplied increases; supply decreases
C. quantity supplied decreases; supply decreases
D. quantity supplied decreases; supply increases
A. quantity supplied increases; supply increases
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The South's economy was based on production of
A. iron, steel and textiles. B. corn, wheat and soybeans. C. tobacco, cotton and rice. D. iron, wheat and cotton.
If consumption is defined as C = 4,500 + 0.75Y, then the marginal propensity to save is 0.25
Indicate whether the statement is true or false
Which part of this definition for GDP is incorrect? GDP measures the:
a. Market value of, b. All final and intermediate goods and services, c. Produced, d. By domestically owned or foreign-owned resources, e. Over a given period of time.
An example of intangible capital is
A. a flower garden. B. a trained apprenticeship program. C. a vacation house. D. a book.