In which of the following situations will the effect upon the equilibrium price of wheat be indeterminate?
a. supply decreases and demand increases
b. demand decreases and supply increases
c. demand remains constant and supply increases
d. supply decreases and demand decreases
e. supply remains constant and demand increases
D
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Aggregate demand is the relationship between the quantity of real GDP demanded and the ________
A) price level B) money wage rate C) real wage rate D) nominal GDP demanded
A risk averse individual
a. values a lottery at more than its expected value b. values a lottery at exactly its expected value c. values a lottery at less than its expected value d. tends to play lots of lotteries
The initial companies in the United States in the 1800s failed after following the design of the railroad system because ________.
A. global competition made labor cheaper abroad B. managers could not handle the complexities C. managers became greedy and workers began to shirk D. monitoring costs increased rapidly
Absolute advantage is the ability to produce:
A. more of a good at a lower cost. B. more of a good than others with a given amount of resources. C. a good or service at a lower opportunity cost than others can. D. relatively more than any other good with a given amount of resources.