In 2016, there was no change in inventories, which implies that GDP was ________ in 2016.
A. less than final sales
B. zero
C. greater than final sales
D. exactly equal to final sales
Answer: D
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Refer to Figure 7-3. If there was no quota, how many pounds of peanuts would domestic producers supply?
A) 10 million B) 28 million C) 30 million D) 40 million
Explain how advances in technology are critical to sustaining economic growth, even if capital per hour worked is consistently increasing. Provide a graph of a per-worker production function to support your answer
What will be an ideal response?
An upward-sloping supply curve shows that
a. buyers are willing to pay more for a scarce product. b. suppliers are willing to increase production of their goods if they can receive higher prices for them. c. buyers are unaffected by sellers' costs of production. d. the price of a product is not influenced by the price buyers are willing to pay. e. at higher prices, an envy effect begins to affect the demand curve.
In Graph C, if P1 moved to P2 which of the following would most likely happen?
a. The price of leather would decrease.
b. The price of leather would decrease, but the quantity of leather would increase.
c. The price of leather would increase, but the quantity of leather would decrease.
d. The quantity of leather would increase.