The law of supply reflects the negative relationship between the price of a good or service and the quantity of that good or service that sellers are willing to offer for sale
Indicate whether the statement is true or false
FALSE
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To be as well off as possible, a nation should produce
a. only those goods that its populace desires. b. the good within its productive capabilities that commands the highest price in the world market. c. the good that requires the fewest resources to produce. d. whatever good it can produce at a cost lower than that incurred by other nations.
Discrimination that occurs when people's preferences cause them to discriminate against a certain group is referred to as:
A) group discrimination. B) special interest group discrimination. C) cultural discrimination. D) taste-based discrimination.
______ is the measure of economic performance based on the value of all final goods and services produced within a nation during a given period.
a. GNP b. GDP c. NI d. PI
What type of spillovers do the United States and the European Union governments believe are associated with their domestic solar panel production?
a. consumption spillovers b. heating spillovers c. electricity spillovers d. knowledge spillovers