If the opportunity cost of entrepreneurship increases:
A) the aggregate demand in the economy increases.
B) the number of entrepreneurs in the economy will increase.
C) the price level in the economy falls.
D) the aggregate output of the economy will decrease.
D
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A 10 percent increase in the price of sugar reduces sugar consumption by about 5 percent. The increase causes households to
a. spend more on sugar. b. spend less on sugar. c. spend the same on sugar. d. consume more goods like coffee and tea that are complements of sugar.
Under what condition is the long-run market supply curve for a competitive market perfectly elastic?
If there is inflation the:
A. distributional function of money is undermined. B. unit of account function of money is undermined. C. distributional function of money is improved. D. unit of account function of money is improved.
What is the formula for the average product of labor?
A. ?q/?L B. L/q C. q/L D. ?L/?q