Something is a normal good if
A) the demand for it decreases when its price rises.
B) the demand for it decreases when its price falls.
C) the demand for it increases when income rises.
D) the demand for it increases when income falls.
C
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According to Rosenberg (2004), the U.S. economy between the Civil War and World War II was relatively poor in which of its productive resources?
(a) Land (b) Labor (c) Capital (d) Entrepreneurial talent
A market maker faces the following demand and supply for widgets. Eleven buyers are willing to buy at the following prices: $15, $14, $13, $12, $11, $10, $9, $8, $7, $6, $5 . Eleven sellers are also willing to sell at the same prices. If the market maker bought and sold at the equilibrium price, what is his profit
a. $1 b. $2.5 c. $3 d. $0
The present value of the future is
A) not related to the interest rate. B) inversely related to the interest rate. C) positively related to the interest rate. D) equal to economic profit
Unemployment that occurs from fundamental technological changes in production, or from the substitution of new goods for customary ones, is known as
a. underemployment b. seasonal unemployment c. frictional unemployment d. structural unemployment e. cyclical unemployment