Answer the following questions true (T) or false (F)
1. A positive technological change will cause the quantity of a good supplied to increase.
2. An increase in quantity supplied is represented by a rightward shift of the supply curve.
3. A decrease in the price of inputs will cause the supply curve for a product to shift to the right.
1. FALSE
2. FALSE
3. TRUE
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State three country characteristics that encourage and three that discourage economic integration among developing countries
What will be an ideal response?
A pure public good is such that
A. both rivalry and exclusivity hold. B. neither rivalry nor exclusivity hold. C. exclusivity holds, but rivalry does not. D. rivalry holds, but exclusivity does not.
What is the most likely reason that milk sold in convenience stores is more expensive than milk sold in grocery stores?
A. Convenience stores sell milk in smaller packages, so the per-gallon packaging costs are higher. B. Grocery stores buy in bulk, while convenience stores buy milk in smaller quantities. C. People who buy milk at convenience stores tend to have a less elastic demand for milk. D. Convenience store owners are greedier than grocery store owners.
The Federal Reserve, the Bank of England, the European Central Bank, and the Bank of Japan are largely
A. run by those appointed for life. B. independent of political influence. C. corrupt. D. controlled by political parties.