Suppose the equilibrium price of good X is $25 and the equilibrium quantity is 124 units. If the price of good X is $2:
What will be an ideal response?
there will be excess demand for good X.
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Assume you and your best friend set up a partnership and your lawyer tells you that as the owners, you could each stand to lose your personal wealth if the business goes bankrupt. This means a partnership
A) faces limited liability. B) has little chance of succeeding. C) faces unlimited liability. D) is not a good type of business to set up.
According to Classical economists, investment is __________ related to the __________
A) directly; interest rate B) directly; level of GDP C) inversely; interest rate D) inversely; level of GDP
Which of the following would increase labor productivity?
a. A decrease in the amount of capital per unit of labor b. A change in technology that improves the quality of capital c. A decrease in the unemployment rate d. An increase in the number of inexperienced workers entering the labor force e. A decrease in the quality of capital
Economists define the long run as any production time period lasting over one year
a. True b. False Indicate whether the statement is true or false