An increase in the price of input used to produce a product will lead to
A. a decrease in quantity supplied of that product
B. a decrease in the supply of that product.
C. a decrease in the demand for that product.
D. an increase in the supply of that product.
Answer: B
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Indicate whether the statement is true or false
In economics, we assume rational decisions are made when individuals weigh:
A. the sunk costs versus the opportunity costs of an action. B. the sunk costs versus the benefits of an action. C. the opportunity costs versus the benefits of an action. D. the opportunity and sunk costs versus the benefits of an action.
To solve their basic long-term economic problems, developing countries primarily need
a. food. b. clothing. c. technical assistance. d. shelter.
The debt-GDP ratio was lower in 1997 than it was during
A) the Civil War. B) World War I. C) World War II. D) all of the above.