Which of the following goods has a low, but positive, income elasticity of demand?
A) furniture.
B) new cars.
C) health insurance.
D) all of the above
E) none of the above
C
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At long-run equilibrium in monopolistic competition, there is
A. neither allocative nor productive efficiency. B. both allocative and productive efficiency. C. allocative efficiency. D. productive efficiency.
The idea of "diminishing returns" means that real GDP ________ as the quantity of labor increases
A) increases at a slower rate B) decreases at a slower rate C) increases at a faster rate D) decreases at a faster rate E) does not change
Suppose the production function for T-shirts can be represented as q = L0.25K0.75. Show that the isoquants for this function are convex
What will be an ideal response?
Which of the following statements is true?
a. Money must be relatively "scarce" if it is to have value. b. Money must be divisible and portable. c. M1 is the narrowest definition of money. d. All of these.