A shift of the demand curve to the left represents
A) an increase in demand.
B) a decrease in demand.
C) an increase in quantity demanded.
D) a decrease in quantity demanded.
B
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How will an increase in the government budget surplus as a result of lower government spending (with no change in net taxes) affect private saving in the economy?
A) Private saving will increase by the amount of increase in the budget surplus. B) Private saving will be unaffected by the increase in the budget surplus. C) Private saving will decrease by less than the amount of increase in the budget surplus. D) Private saving will decrease by the amount of increase in the budget surplus.
Personal income in the United States is primarily determined by selling labor services
a. True b. False
Assume a certain firm regards the number of workers it employs as variable but regards the size of its factory as fixed. This assumption is often realistic
a. in the short run but not in the long run. b. in the long run but not in the short run. c. both in the short run and in the long run. d. neither in the short run nor in the long run.
The marginal revenue product of a resource is:
A. the marginal product of the resource divided by the price of the product it helps to produce. B. the price of the product times the price of the resource. C. larger when the product price is larger. D. larger when the marginal product is smaller.