Which of the following is an example of a resource?
a. a river
b. a tractor
c. the chef at a restaurant
d. all of the above are resources
d
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The law of demand implies that, other things remaining the same,
A) as the price of a cheeseburger rises, the quantity of cheeseburgers demanded increases. B) as the demand for cheeseburgers increases, the price of a cheeseburger falls. C) as the price of a cheeseburger rises, the quantity of cheeseburgers demanded decreases. D) as more people demand cheeseburgers, the quantity demanded increases. E) as income increases, the quantity of cheeseburgers demanded increases.
Profit functions are homogeneous of degree zero.
Answer the following statement true (T) or false (F)
Refer to Figure 28-6. If firms and workers have adaptive expectations, an expansionary monetary policy will cause the short-run equilibrium to move from
A) point C to point B. B) point B to point C. C) point A to point B. D) point B to point A. E) point A to point C.
Which statement best describes the railroad?
(a) It is a good example of "technology transfer" (from England to the U.S.)—the first operating railroad was in England. (b) It is an American home product—the first operating railroad was in the U.S. (c) It was invented in England but first put into operation in the U.S. (d) It was invented in the U.S. but first put into operation in England.