An organization that brings together the factors of production is called
A) an industry.
B) a conglomerate.
C) a plant.
D) a firm.
D
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The slope of a country's production possibility frontier with cloth measured on the horizontal and food measured on the vertical axis in the Ricardian model is equal to ________ and it ________ as more cloth is produced
A) -MPLF/MPLC; is constant B) -MPLF/MPLC; becomes steeper C) -MPLF/MPLC; becomes flatter D) -MPLC/MPLF; becomes steeper E) -MPLC/MPLF; is constant
In the Keynesian theory of labor supply, price expectations are based
a. only on the future behavior of the price level. b. on the past, present, and future behavior of the price level. c. on the present behavior of the price level. d. on the past behavior of the price level.
The equation of exchange states that the quantity of money multiplied by the velocity of money equals: a. real Gross Domestic Product
b. the price level. c. nominal Gross Domestic Product. d. the turnover rate. e. the demand for money.
A jeweler cut prices in his store by 20%. As a result: a. Its total revenue would fall by 20% if the elasticity of demand was zero
b. Its total revenue would fall, but by less than 20% if the elasticity of demand is greater than zero but less than one. c. Its total revenue would rise if the elasticity of demand is greater than one. d. All of the above would be true.