Compared with the Rest of the World in 2010, the United

question 20

Multiple Choice

Compared with the rest of the world in 2010, the United
States was MOST abundant in:

• A)capital.
• B)skilled labor.
• C)less­skilled labor.
• D)arable land.

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Definitions:

Producer Surplus

The difference between the actual amount producers receive for a good or service and the minimum amount they are willing to accept.

Equilibrium Price

The price at which the quantity of a product demanded by consumers equals the quantity supplied by producers.

Diagram

A simplified drawing showing the appearance, structure, or workings of something.

Market Supply Curve

A graphical representation showing the total quantity of a good that sellers are willing and able to sell at various prices.