The relationship between environmental harm and national income per person for arsenic water pollution exhibits a(n)
A. inverted U-shaped curve.
B. U-shape curve.
C. downward sloping curve.
D. upward sloping curve.
Answer: A
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Suppose an American worker can make 100 chairs or catch 1000 fish per day. On the other hand, a Chilean worker can produce 40 chairs or catch 400 fish per day. The United States possesses a(n) _______________ advantage in chair production, but not a(n) ______________ advantage in fish production.
A. absolute; comparative B. comparative; absolute C. absolute; absolute D. comparative; comparative
According to Say's law,
A) the demand curve is negatively sloped. B) the supply curve is positively sloped. C) supply creates its own demand. D) economic units should produce those goods for which they are low-opportunity-cost producers.
Using Figure 1 above, if the aggregate demand curve shifts from AD1 to AD2 the result in the short run would be:
A. P1 and Y2. B. P3 and Y1. C. P2 and Y2. D. P2 and Y3.
Table 14.1Table 14.1 represents 3 markets for used computers. Which of the markets in Table 14.1 are in equilibrium?
A. 1 only B. 2 only C. 3 only D. 2 and 3