Which of the following is correct? Gross private domestic investment:
a. Includes goods that are produced but not consumed.
b. Includes stock and bonds.
c. Excludes spending for new residential housing.
d. All of the above are correct.
.A
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Which of the following statements correctly identifies the difference between the cross-price elasticity of demand and the income elasticity of demand?
A) The income elasticity of demand can take only positive values, whereas the cross-price elasticity of demand can take both positive and negative values. B) The cross-price elasticity of demand can take only negative values, whereas the income-elasticity of demand can take both positive and negative values. C) The income elasticity of demand for a good is independent of the price changes of related goods, whereas the cross-price elasticity of demand for a good is independent of the income changes of the consumer. D) The income elasticity of demand for a good is zero for normal goods, whereas the cross-price elasticity of demand for a good is always positive for normal goods.
Refer to Table 4-6. The table above lists the marginal cost of polo shirts by Marko's, a firm that specializes in producing men's clothing. If the price of polo shirts decreases from $15 to $10
A) there will be a shortage of polo shirts. B) producer surplus will fall from $13 to $3. C) the marginal cost of producing the third polo shirt will increase to $25. D) consumers will buy no polo shirts.
In a perfectly competitive market, there are ________ buyers and ________ sellers
A) many; many B) many; few C) few; many D) few; few
Damian owns a tattoo parlor and has hired three tattoo artists to work for him. The marginal product of labor is 8 for the first artist, 12 for the second artist, and 7 for the third artist. What is Damian's average product of labor for these three
tattoo artists? What will be an ideal response?