Describe the changes in the variables that will cause supply for a product to increase, shifting the supply curve down and to the right
What will be an ideal response?
a decrease in wages of workers who produce the product; a decrease in the prices of materials or capital used to produce the product; advances in technology which is used in the production of the product; government subsidies applied to the production of the product; a decrease in the expected future price of the product; an increase in the number of producers of the product.
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Assume that a small country produces only green peppers and red peppers. Last year, it produced 100 green peppers and 50 red peppers and sold them at prices of $2 per green pepper and $3 per red pepper
This year, it produced 150 green peppers and 60 red peppers and sold them at prices of $2 per green pepper and $4 per red pepper. What is real GDP this year if the base year is last year? A) $540 B) $350 C) $890 D) $400 E) $480 Data for 2009 Data for 2010
The WTO and GATT promote trade by
A) reducing tariffs. B) reducing agricultural subsidies. C) eliminating quotas. D) all of the above.