In the United States since World War II, there has been
a. a dramatic increase in the population living in rural areas
b. a decline in the number of women in the labor force
c. a decrease in the opportunity cost of working in the home
d. more specialization of production within households
e. a dramatic increase in the number of married women in the labor force
E
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Producer surplus is the amount a seller receives for a good or service
Indicate whether the statement is true or false
When quantity supplied is very responsive to a change in price, supply is
A) elastic. B) unit-elastic. C) inelastic. D) income sensitive.
In Fisher's model of the determination of the rate of return, the price of a "future good" is:
a. less than the price of a current good if the interest rate is negative. b. equal to the price of a current good if the interest rate is positive. c. greater than the price of a current good if the interest rate is positive. d. less than the price of a current good if the interest rate is positive.
A productivity increase is illustrated by a shift in the production function
A. downward. B. leftward. C. upward. D. rightward.