Which of the following would increase the supply of childcare services?
a. An increase number of childcare facilities
b. An increase in the cost of certification for workers in this field
c. An increase in the price of childcare
d. none of the above
a
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What can we predict about the effect on consumption of an increase in government spending?
A. Consumption will increase by the amount of the government spending. B. Consumption will increase by an amount equal to the MPC times the change in real GDP. C. Consumption will not rise as government spending rises. D. Consumption will increase by an amount equal to the MPC times the change in government spending.
In Figure 4.4, supply elasticity is zero in graph:
A. A. B. B. C. C. D. D.
What does it mean when the products sold by the firms in an industry are homogeneous?
A. The product sold by one firm is a perfect substitute of the product sold by another firm in the same industry. B. Firms in the industry can produce the same product with different inputs. C. The product sold by one firm is a perfect complement of the product sold by another firm in the same industry. D. All firms in the industry are identical in size.
Isoquants that are downward-sloping straight lines exhibit
A) an increasing marginal rate of technical substitution. B) a decreasing marginal rate of technical substitution. C) a constant marginal rate of technical substitution. D) a marginal rate of technical substitution that cannot be determined.