Suppose the lack of agricultural land is a key reason for the slow economic growth of Lithasia. This argument claims that:
A) geography is the fundamental cause of slow economic growth in Lithasia.
B) stock of physical capital is a fundamental cause of slow economic growth in Lithasia.
C) stock of human capital is a proximate cause for slow economic growth in Lithasia.
D) geography is a proximate cause of slow economic growth in Lithasia.
A
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Assume the current price of good X is too high, i.e., it is above the equilibrium price. Describe the changes that would occur in a market as a result, i.e., explain how the market would adjust to equilibrium
What will be an ideal response?
Consider a perfectly competitive firm whose minimum average total cost is $100 . This firm is representative of all the firms in the market. If the market price is $80, then in the long run
a. new, more-efficient firms will be attracted into the industry b. market supply will fall c. the firm's average revenue will fall d. all the firms currently operating will increase output e. total market output will rise
A futures contract is
A) an agreement that specifies the delivery of a commodity or financial instrument at an agreed-upon future date at a currently agreed-upon price. B) an agreement that specifies the delivery of a commodity or financial instrument at an agreed-upon future date, with the price to be negotiated at the time of delivery. C) an agreement that specifies the delivery of a commodity or financial instrument at a currently agreed-upon price, with date of delivery to be negotiated subsequently. D) an agreement that specifies the delivery of a commodity or financial instrument, with the price and date of delivery to be negotiated subsequently.
The balance of payments improves
A) when there is an exchange rate appreciation. B) when there is an exchange rate depreciation. C) when the interest rate rises. D) never.