Which of the following is an example of consumption?
a. The City of Milwaukee pays a construction company to repair an expressway.
b. Ralf buys a lawnmower to use for his landscaping business.
c. Rayana pays a landscaper to design a garden for her backyard.
d. The Girder Construction Co. buys a crane for a skyscraper project.
c. Rayana pays a landscaper to design a garden for her backyard.
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Use the following graph for a competitive market to answer the question below.
Assume the government imposes a $3 tax on buyers, which results in a shift of the demand curve from D1 to D2. The price the seller receives for the product after the tax is imposed on the buyer is
A. $7. B. $5. C. $8. D. $3.
What are the features of a Cobb-Douglas production function?
What will be an ideal response?
The consumer price index implicitly assumes that the demand curve for each good and service in the representative market basket is
A) vertical. B) negatively sloped. C) positively sloped. D) horizontal.
Macroeconomic forecasting is made more difficult due to the fact that
A) deviations from trend in real GDP are persistent. B) turning points are hard to predict. C) there is no regularity in comovements. D) consumption is smooth.