Wheat used for producing bread is
A. a durable good.
B. not going to generate any employment.
C. an intermediate good.
D. a final good.
Answer: C
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The marginal revenue curve for a single-price monopoly
A) is horizontal. B) is upward sloping. C) lies above the market demand curve. D) lies below the market demand curve.
If the United States' production possibility frontier was flatter to the widget axis, whereas Germany's was flatter to the butter axis, we know that
A) the United States has no comparative advantage B) Germany has a comparative advantage in butter. C) the U.S. has a comparative advantage in butter. D) Germany has comparative advantages in both products. E) the U.S. has a comparative disadvantage in widgets.
Bond A and Bond B are identical except Bond B has a longer term. Therefore, we expect Bond _____ to pay a higher rate of interest
Fill in the blank(s) with correct word
A 4 percent reduction in the price of a product has zero effect on the dollar amount of consumer expenditure on the product. The price elasticity of demand is:
A. Zero B. Greater than zero C. Greater than zero but less than 1 D. Equal to 1