One reason the supply of carpenters is greater than the supply of physicians is because:
a. carpenters demand less income.
b. physicians do not belong to a union.
c. of differences in human capital.
d. carpenters belong to unions.
c
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The analysis of the three major macroeconomic markets shows:
a. That GDP is a constant figure which is not influenced by any movements in the three markets. b. That the three markets are uncorrelated and movements in one market are independent from movements in the other two markets. c. That movements in one market cause predictable changes in the other two markets. d. A) and B) are both correct.
If a firm in monopolistic competition lowers its price, what will happen to the quantity of products it sells?
a. The quantity of products sold will increase and sales revenue will fall. b. The quantity of products sold will decrease because this is not perfect competition. c. The quantity of products sold will increase slightly—and in some cases not at all. d. The quantity of products sold and sales revenues will increase as the firm lures customers from its competitors and attracts new customers.
GDP does not directly include:
a. the value of final goods and services produced, but not sold, during a period.
b. the value of services rendered during a period
c. the value of intermediate goods sold during a period.
d. any of the above.
If marginal utility is positive, then total utility is:
A. constant. B. negative. C. increasing. D. decreasing.