Which of the following statements about a supply curve is FALSE?
A) It shows a direct (positive) relationship between price and quantity supplied.
B) It shows the quantity supplied at each specific price.
C) It typically slopes downward to the right.
D) It has a positive slope.
Answer: C
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When a country or a region of a country specializes in producing the product that has the lower opportunity cost compared to another country or region, it is practicing
A) absolute advantage. B) cost disadvantage. C) regional advantage. D) comparative advantage.
If the aggregate supply curve is horizontal,
A. there are unemployed resources. B. the economy is inside the production possibilities frontier. C. it is possible to increase output, without driving up prices, by putting unemployed resources to work. D. All of the choices are correct.