Which of the following better explains the fact that computers are cheaper now than 10 years ago?
a. c and d
b. c and e
c. The technology used in the production of computers has improved during this period.
d. Resources used in the production of computers have become cheaper during this period
e. The demand for computers has increased substantially during this period.
A
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Which of the following statements concerning the supply of labor is true?
a. The wage rate has no effect on the supply of labor. b. The labor supply curve is downward sloping. c. The supply of labor is determined by the prevailing wage rate. d. The typical labor supply curve is upward sloping.
When the price level falls, the total quantities of goods and services demanded _______ and the AD curve ________
a. decreases; remains unchanged b. remains unchanged; shifts to the right c. increases; remains unchanged d. increases; shifts to the right e. decreases; shifts to the left
Refer to Figure 2. If this economy moved from point C to point E,
a. it still would not be producing efficiently.
b. it was inefficient before but now it is producing efficiently.
c. it would be producing more barrels and more bathtubs than at point C.
d. It is not possible for this economy to move from point C to point E without additional resources.
Suppose you have one U.S. dollar with which you wish to purchase U.K. (one-year) bonds in period t. Which of the following expressions represents the amount of U.K. pounds you will receive in one year (i.e., period t + 1 ) from purchasing U.K. bonds in period t?
A) i B) 1 + i C) (1 + i)Eet+1/Et D) (1 + i)Et/Eet+1 E) none of the above