Rising labor productivity means that less labor is needed to produce the same level of output
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to Table 2-19. What is Wilma's opportunity cost of making a statue?
A) 3 benches B) 1/3 of a bench C) 6/7 of a statue D) 1/2 of a bench
A demand curve is said to be inelastic if:
a. ED = 1 b. ED = 0 c. ED > 1 d. ED < 1
If a person has money in a bank account that pays 4% interest, but inflation rises to 5%, then the real rate of return for the money invested in that bank account is
a. 1%. b. -1%. c. 2%. d. 9%.
Suppose that a business discovers an opportunity that requires funds to exploit. What effect would this have in the market for loanable funds?
A. It will decrease interest rates and the quantity of funds lent will rise. B. It will decrease interest rates and the quantity of funds lent will fall. C. It will increase interest rates and the quantity of funds lent will rise. D. It will increase interest rates and the quantity of funds lent will fall.