Corn is used to produce tortillas. If the price of corn increases:
A. the demand for tortillas increases.
B. the demand for tortillas decreases.
C. the supply of tortillas increases.
D. the supply of tortillas decreases.
Answer: D
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The present value of $1 million to be received 10 years from now will
a. decrease if the interest rate rises. b. be greater if the funds were going to be received 15 years from now. c. be greater than $1 million. d. increase if the interest rate were to rise from 4 percent to 8 percent.
Which of the following is NOT an important factor affecting economic growth?
A. the rate of growth of capital B. the growth of leisure C. the rate of growth in labor productivity D. the rate of saving
The primary contribution of the theory of monopolistic competition is the rationale it provides for product differentiation and advertising
Indicate whether the statement is true or false
Unemployment rates for skilled workers compared to unemployment rates for unskilled workers are:
A. Lower, because skilled workers tend to be employed in less cyclically vulnerable industries, such as the services and nondurable goods industries B. Higher, because skilled workers tend to be employed in more cyclically vulnerable industries, such as the durable goods industry C. Higher, because businesses are less likely to retain the more costly skilled workers no matter what type of industry D. Lower, because skilled workers tend to be primarily employed by government at the local, state, and Federal levels