Which of the following would a macroeconomist classify as capital?
a. a software program for an accounting firm
b. a share of stock in General Electric
c. a corporate bond from IBM
d. All of the above are types of capital.
a
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Mr. Smith earned a salary of $5,000 in in 1980 while his son earned a salary of $8,000 in 2010. If the price index for 1980 was 100 and that for 2010 was 198, whose salary was worth more? Explain your answer
What will be an ideal response?
The price elasticity of demand along a linear demand curve is
A) more elastic at higher prices than at low prices. B) infinite. C) one. D) constant.
Which will NOT affect the elasticity of demand for labor?
A) the labor intensity of the production process B) the elasticity of supply for labor C) the elasticity of demand for the good D) the substitutability of capital for labor
The cost of production on the "bottom forty" is $100,000 for a given size crop. On the "north forty," due to erosion of the soil, the cost is $150,000 . If both are being farmed by tenants, we would expect the rent on the "bottom forty" to be
a. $50,000 below the rent on the north forty. b. $50,000 above the rent on the north forty. c. different from that on the north forty by an indeterminable amount. d. $50,000 . and the rent on the north forty is $50,000.