The law of supply implies that the supply curve is
A) flat.
B) upward sloping.
C) downward sloping.
D) vertical.
B
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If the aggregate income of an island country is $8 million and income per capita is $5,000, the total population of the island is ________
A) 1,600 B) 106,000 C) 40,000 D) 20,000
The long run is distinguished from the short run because only in the long run
A) output prices can vary. B) factor of production prices can vary. C) the quantities of all factors of production can be varied. D) the firm no longer maximizes its profit.
________ refers to any one of several different arrangements that business parties negotiate so that they can trade goods and services with limited or no use of currency.
A) Factoring B) Offset C) Countertrade D) Barter
Some economists in the 1950s predicted that the Soviet Union would continue to grow faster than the United States for decades to come because
A. in the 1950s, the Soviet Union was investing a very large amount in capital accumulation B. in the 1950s, the Soviet Union was investing a very large amount in training its labor force C. in the 1950s, the Soviet Union was investing a very large amount in acquiring knowledge capital D. in the 1950s, the Soviet Union was investing a very large amount in acquiring new technologies