You are reading a newspaper article that refers to expansions and contractions in the economy. The references are to changes in
a. wage rates
b. inflation rates
c. movements in exchange rates
d. real GDP
e. investment expectations
D
Economics
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Why do economists say that even very rich people face scarcity?
What will be an ideal response?
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In Figure 2.1, a "q/t" for quantity per unit time price would go in
A. Box 1. B. Box 4. C. Box 6. D. Box 2.
Economics
An economic principle that explains why countries produce different goods and services is
A) absolute advantage. B) trade as a percentage of GDP. C) comparative advantage. D) NAFTA.
Economics
Over the range of output where the slope of the short-run total cost curve becomes steeper:
A. Fixed costs are increasing B. Marginal cost is increasing C. Marginal cost is positive, but decreasing D. Marginal cost is lower than average variable cost
Economics