When a binding price floor is imposed on a market for a good, some people who want to sell the good cannot do so
a. True
b. False
Indicate whether the statement is true or false
True
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Supply curves usually slope upward because producers face increasing opportunity costs when increasing output
a. True b. False
(Appendix) The defining characteristics of increasing returns to scale may be summarized as
A. F(cK,cL) < cF(K,L). B. F(cK,cL) > cF(K,L). C. F(cK,cL) = cF(K,L). D. Q = min(aK,aL).
The percentage of consumer income spent on durable goods, nondurable goods and services have changed between 1955 and 2007 as follows:
A. Percentage spent on services has declined. B. Percentage spent on durable goods has increased. C. Percentage spent on nondurable goods and durable goods has decreased. D. Percent spent on durable goods and services has increased.
The compensation savers receive for waiting on their consumption is the
A. expected rate of inflation. B. nominal interest rate minus the real interest rate. C. nominal interest rate. D. real interest rate.