Over what range of prices does a shortage arise? What happens to the price when there is a shortage?
What will be an ideal response?
A shortage arises at market prices below the equilibrium price. A shortage causes the price to rise, decreasing quantity demanded and increasing quantity supplied until the equilibrium price is attained.
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According to economists, which of the following statements about international capital mobility is CORRECT?
a. International resource mobility has had no effect upon world GDP. b. International resource mobility has had a negative effect upon world GDP. c. International resource mobility has had a positive effect upon world GDP. d. International resource mobility has had such a small effect upon world GDP that it is not worth measuring.
According to your text, which group of scientists are completely free from biases?
A) Physicists B) Biologists C) Economists D) All of the above. E) None of the above.