Consider a country that produces only two goods: parrots and iguanas. Suppose it is impossible for this country to increase its production of parrots without producing fewer iguanas. In this case, its current output combination is efficient
Indicate whether the statement is true or false
TRUE
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According to your authors, the United States would probably not have experienced tremendous economic growth between 1800 and 1870 were it not for
A) slavery. B) sharecropping. C) antitrust legislation. D) balanced federal budgets. E) technological innovation.
Joey cuts grass during the summer. He owns one lawn mower. For him, the short run is equal to
A) the amount of time it takes to acquire more customers. B) the amount of time it takes to hire an additional employee. C) the amount of time it takes to hire an additional employee and buy another lawn mower. D) the amount of time it takes to mow one lawn.
Which of the following results in the aggregate demand curve shifting rightward year after year?
What will be an ideal response?
Which of the following would shift the supply curve for smartphones to the right?
A) an increase in the price of a substitute in production B) an increase in consumer income (assuming that all smartphones are normal goods) C) a decrease in the number of firms that produce smartphones D) a decrease in the price of an input used to produce smartphones