Which of the following is not a source of productivity gain?
A. Technological advance.
B. Higher skills.
C. Improved management.
D. Economic growth.
Answer: D
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The total of all planned expenditures in the entire economy is
A) aggregate supply. B) LRAS. C) aggregate demand. D) the open economy effect.
If a monopolist's price is $50 at the output where marginal revenue equals marginal cost and average total cost is $43, then the incremental profit from the last unit sold is $7
Indicate whether the statement is true or false
Which of the following would lead a utility-maximizing consumer to search for additional information?
a. an increase in income b. an increase in the marginal cost of information c. improved technology (e.g., Internet search programs) d. a reduction in the dispersion of prices e. an increase in the consumer's wage rate
Answer the following statement true (T) or false (F)
1) If price and total revenue are directly related, demand is inelastic. 2) If price changes and total revenue changes in the opposite direction, demand is relatively elastic. 3) Cross elasticity of demand measures the effect of a change in the price of one product on the quantity demanded of another product. 4) Income elasticity measures the effect of a change in income on the purchases of some good or service. 5) If the coefficient of income elasticity of demand is positive, the product is an inferior good.