A decline in the price of resource A will:
A. increase the demand for complementary resource B.
B. shift the demand curve for A to the left.
C. shift the demand curve for A to the right.
D. reduce the demand for complementary resource B.
Answer: A
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Horizontally summing different supply curves assumes
A) that individual firms cannot influence the good's price. B) that all firms operate in collusion. C) that only firms who volunteer are included in the summation. D) all firms produce the same amount of output.
U.S. gross domestic product is converted to U.S. gross national product by
a. adding the value of output produced by U.S.-owned resources in foreign countries. b. subtracting the value of output produced by U.S.-owned resources in foreign countries. c. subtracting the value of output produced in the United States by foreign-owned resources. d. both adding the value of output produced by U.S.-owned resources in foreign countries AND subtracting the value of output produced in the United States by foreign-owned resources.