The demand for a movie ticket is probably ________ than is the demand for a Broadway show ticket because ________.
A. less price elastic; a movie ticket has fewer available substitutes.
B. more price elastic; a movie ticket requires a smaller portion of one's income.
C. more price elastic; a movie ticket has fewer available substitutes.
D. less price elastic; a movie ticket requires a smaller portion of one's income.
Answer: D
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According to Say's law,
A) desired expenditures cannot be compared with actual expenditures. B) desired expenditures are always less than actual expenditures. C) desired expenditures are always equal to actual expenditures. D) desired expenditures are always more than actual expenditures.
Refer to the above table. Suppose the price of the good sold is $3 and the marginal factor cost of labor is $300, how many units of labor will the firm hire?
A) 4 B) 5 C) 6 D) 3
Global technologies, such as electronics, have made up a significant portion of the recent wave of manufacturing offshoring
Indicate whether the statement is true or false
The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.