If we measure the income elasticity of a good as ?1.8, this means this good is a(n):
a. luxury good.
b. substitute good.
c. complementary good.
d. inferior good.
e. good from the food group.
d
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L. Frank Baum's classic 1900 children's book, The Wonderful Wizard of Oz, is
A) an allegorical rendition of the U.S. political struggle over silver. B) an allegorical rendition of the U.S. political struggle over copper. C) an allegorical rendition of the U.S. political struggle over both silver and gold. D) an allegorical rendition of the U.S. political struggle over indebted farmers. E) an allegorical rendition of the U.S. political struggle over gold.
If a firm is a price taker in both the labor market and the output market, it will
A) earn zero economic profit in the short run. B) hire labor until the marginal product of labor equals zero. C) hire labor until the marginal revenue product equals the output price. D) hire labor until the marginal revenue product equals the wage rate.
The monopolistic competition market structure is characterized by:
A. few firms and similar products. B. many firms and differentiated products. C. many firms and a homogeneous product. D. few firms and a homogeneous product.
Which of the following will not cause a shift in the demand for resource X?
A. an increase in the productivity of resource X B. a decrease in the price of substitute resource Y C. an increase in the price of the product resource X is producing D. a decline in the price of resource X