Because resources are not equally well suited to producing all goods,
A. as more of a good is produced the inputs used to produce that good will increase in price.
B. the opportunity costs of producing a good will increase as more of that good is produced.
C. as more of a good is produced the quality of that good declines and therefore the costs of production increase.
D. the opportunity costs of producing a good will decrease as more of that good is produced.
Answer: B
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The smaller the price elasticity of demand, the
a. more likely the product is a luxury. b. smaller the responsiveness of quantity demanded to a change in price. c. more substitutes the product has. d. greater the responsiveness of quantity demanded to a change in price.
A depreciation of the U.S. dollar against foreign currencies tends to __________ U.S. net exports and shift the U.S. AD curve to the __________
A) raise; right B) raise; left C) lower; right D) lower; left