What is the relationship between U.S. real GDP and U.S. imports?
What will be an ideal response?
When U.S. real GDP increases, so does U.S. income. And the increase in income leads to an increase in U.S. imports.
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A learning curve relates ________ to ________ and is a case of ________ returns
A) unit cost; cumulative production; dynamic increasing returns B) output per time period; long-run marginal cost; dynamic increasing returns C) unit cost; cumulative production; dynamic decreasing returns D) output per time period; long-run marginal cost; dynamic decreasing returns E) labor productivity; education; increasing marginal returns
Opportunity cost is the:
a. cost incurred when one fails to take advantage of an opportunity. b. price paid for goods and services. c. cost of the best option forgone as a result of choosing an alternative option. d. undesirable aspects of an option.