In the classical long-run model,
a. we focus on labor resources, rather than capital or land
b. we study thousands of different resource markets
c. we concentrate our attention on three resource markets: land, labor, and capital
d. we focus on two markets: households and firms
e. the number of variables we include depends upon whether we are focusing on the short run or the long run
A
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With increasing returns to scale, isoquants for unit increases in output become
A) farther and farther apart. B) closer and closer together. C) the same distance apart. D) none of these.
Refer to the above figure. MRP0 represents
A) the supply curve for the product. B) the supply curve for labor. C) the demand curve for the product. D) the demand curve for labor.
Which of the following statements suggests that a rise in GDP actually understates the rise in the standard of living? a. A much wider variety of basic products, such as food and clothing, is available today than several decades ago. b. Crime rates may rise as the GDP of a society increases
c. Crime rates may rise as the GDP of a society increases. d. Income inequality may increase with increasing GDP.
Landon demands more sushi as his income increases. From this we can conclude that, for Landon:
A. sushi is a normal good. B. sushi is an inferior good. C. sushi is a complementary good. D. sushi is a substitute good.