Other things being equal, the relationship between price and quantity supplied is
A. negative.
B. positive.
C. non-existent.
D. constant.
Answer: B
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Marginal land is land
a. that is unprofitable under any circumstances. b. that is the most productive in the area. c. that is on the borderline of profitability. d. of average productivity.
Specialization and exchange result from differences in productivity that lead to:
A. opportunity cost. B. comparative advantage. C. absolute advantage. D. self-sufficiency.
Answer the following questions true (T) or false (F)
1. Nominal GDP measures the value of all final goods and services at base-year prices. 2. The GDP deflator is a measure of the price level which is calculated as nominal GDP divided by real GDP and multiplied by 100. 3. If nominal GDP is less than real GDP, then the GDP deflator will be greater than 100.
Refer to the information provided in Figure 6.5 below to answer the question(s) that follow.
Figure 6.5Refer to Figure 6.5. Molly's budget constraint is BD. If the price of CDs increases, her new budget constraint becomes
A. CD. B. AD. C. BD. D. EF.