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resource owners supply resources in ways that MAXIMIZE THEIR UTILITY TERM 2 the resource market is different from the product market because DEFINITION 2 IN THE RESOURCE MARKET FIRMS ARE DEMANDERS AND HOUSEHOLDS ARE SUPPLIERS TERM 3 as the price of the a resource falls DEFINITION 3 PRODUCERS ARE MORE WILLING AND ABLE TO HIRE THAT RESOURCE TERM 4 if the price of a resource increases other things constant, less of that resource will be hired because DEFINITION 4 PRODUCERS WILL SUBSTITUTE AWAY FROM THAT GOOD TERM 5 both sugar and glucose can be used in the production of candy. if the price of sugar increases DEFINITION 5 SUGAR BECOMES RELATIVELY MORE EXPENSIVE THEN FRUCTOSE, OTHER THINGS CONSTANT
WHICH OF THE FOLLOWING IS NOT AN
EXAMPLE OF DERIVED DEMAND
AS CONSUMERS BUY MORE COMPUTERS, THEY DEMAND MORE POWERFUL COMPUTERS AS THEY BECOME AVALIABLE TERM 7 THE MARKET SUPPLY CURVE OF LABOR DEFINITION 7 UPWARD SLOPING TERM 8 WHEN RESOURCE MARKETS ARE FREE TO ADUJUST, TEMPORARY DIFFERENTIALS WILL CAUSE DEFINITION 8 -THE ALLOCATION OF FEWER RESOURCES TO LOWER PAID USES -THE EQUILIZATION OF PAYMENTS FOR THE SAME RESOURCE IN DIFFERENT USES -THE ALLOCATION OF MORE RESOURCES TO HIGHER PAID USES TERM 9 WHICH OF THE FOLLOWING CAN LEAD TO PERMENANT DIFFERENTIALS IN RESOURCE PRICES DEFINITION 9 A LACK OF RESOURCE MOBILITY TERM 10 A NEWLY AQUIRED MICROWAVE OVEN AND A FOOD PROCESSOR WILL INCREASE CHUCKS PRODUCTIVITY IN THE KITCHEN. ACCORDINGLY HE WILL DEFINITION 10 COOK MORE AND EAT OUT LESS
IF AN ELECTRICIANS UNION IS SUCCESSFUL IN
ITS ATTEMPTS TO RESTRICT ENTRY INTO
THAT CRAFT IF WILL SHIFT
THE SUPPLY CURVE OF ELECTRICIANS TO THE LEFT TERM 17 WHICH OF THE FOLLOWING IS AN EXAMPLE OF A FEATHERBEDDING DEFINITION 17 A CONSTRUCTION WORKERS UNIONS REQUIRING AN UNECESSARILY LARGE NUMBER OF WORKERS TO DO A CERTAIN JOB. TERM 18 IN DETERMINING COMPARATIVE ADVANTAGE, COST IS MEASURED IN TERMS OF DEFINITION 18 OPPORTUNITY FORGONE TERM 19 FOR EACH WATCH DENMARK PRODUCES IT GIVES UP THE OPPORTUNITY TO MAKE 50 LBS OF CHEESE. GERMANY CAN PRODUCE ONE WATCH FOR EVERY 100LBS OF CHEESE IT PRODUCES. WHICH OF THE FOLLOWING IS TRUE WITH REGARD TO OPPORTUNITY COSTS IN THE TWO COUNTRIES DEFINITION 19 THE OPPORTUNITY COST FOR PRODUCING WATCHES IS LOWER IN DENMARK. TERM 20 IN THE ABSENCE OF TRADE, EACH COUNTRIES PRODUCTION POSSIBLITIES SCHEDULE DEFINITION 20 -BASED ON THE ASSUMPTION THAT ALL RESOURCES ARE FULLY AND EFFICIENTLY EMPLOYED -ALSO REPRESENTS THE COUNTRIES CONSUMPTION POSSIBILITY SCHEDULE
INTERNATIONAL TRADE IS MOSTLIKEY TO
OCCUR WHENEVER
EACH OF THE TRADING NATIONS GAINS FROM TRADE TERM 22 WHICH OF THE FOLLOWING IS NOT A BASIS FOR TRADE BETWEEN TWO NATIONS DEFINITION 22 ONE NATIONS ABSOLUTE ADVANTAGE TERM 23 DIFFERENCES IN RESOURCE ENDOWMENTS ARE DIFFERENCES IN DEFINITION 23 THE QUALITY AND QUANTITY OF RESOURCES AVALIABLE IN DIFFERENT NATIONS TERM 24 WHICH OF THE FOLLOWING IS NOT A REASON FOR INTERNATIONAL SPECIALIZATION DEFINITION 24 THE WORLD PRICE OF A GOOD IS DERTERMINED BY THE WORLD SUPPY AND THE DEMAND FOR IT TERM 25 A TARIFF IS DEFINITION 25 A TAX ON EITHER IMPORTS OR EXPORTS
