Summarize how the law of supply explains the effects of price on the quantity supplied
What will be an ideal response?
According to the law of supply, producers offer more of a good or service as its price increases and less as its price falls. Economists use the term quantity supplied to describe how much of a good or service a producer is willing and able to sell at a specific price.
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In general, poor countries
A. receive development assistance in order to alleviate poverty. B. have secure property rights, which attract corporations expand their offices in their population centers. C. have slower productivity growth rates than wealthier countries, according to the convergence hypothesis. D. have highly skilled workforces.
Firms will only adopt more automated methods of production when
a. they reduce the need for workers. b. they lower production costs. c. they lengthen the production process. d. other firms in the industry are doing it.
In 2016 based on people ages 15-74 the Swedish adult non-institutionalized population was about 7.3 million, the labor force was 5.2 million, and the number of people employed was 4.8 million. According to these numbers, the Swedish labor-force participation rate and unemployment rate were about
a. 71.2% and 7.7% b. 71.2% and 5.5% c. 65.8% and 7.7% d. 65.8% and 5.5%
The economies of most less-developed countries (LDCs) are based on:
A. agriculture. B. manufacturing. C. services. D. oil.