The supply curve shows
A. the same basic information as the demand curve.
B. who will have an opportunity to produce or purchase an item.
C. the quantity produced as a function of the price.
D. plots of what quantities have been sold over the past few weeks or months.
Answer: C
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Suppose the United states production possibility frontier was flatter to the widget axis, whereas Germany's was flatter to the butter axis. We now learn that the German wage doubles, but U.S. wages do not change at all. We now know that
A) the United States has no comparative advantage. B) Germany has a comparative advantage in butter. C) the United States has a comparative advantage in butter. D) Not enough information is given. E) Germany gains a comparative advantage in widgets.
The nominal GDP of Year 2 is
A) $800. B) $1050. C) 1900. D) $2400.