Refer to Figure 2-18. Which two arrows in the diagram depict the following transaction: Stanley purchases the novel, "Night of Sorrows" for his summer reading pleasure
A) K and G B) J and G C) J and M D) K and M
A
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If the price of a movie rises 3 percent and, as a result, the quantity demanded of video rentals increases 6 percent, then the cross elasticity of demand is
A) 2. B) 1/2. C) -1/2. D) -2. E) 9.
If a monopsony must negotiate with a union, then the wage will probably be
A) more than the value of marginal product. B) more than the marginal cost of labor. C) the same as if there had been no union. D) more than what it would have been without a union but not more than the value of marginal product.
Which of the following statements is correct?
a. Growth of productivity is the main determinant of growth in living standards. b. Common knowledge and proprietary technology are both important for the economy's production of goods and services. c. The terms capital and physical capital refer to the same thing. d. All of the above are correct.
Growth is advantageous to a nation because it:
A. promotes faster population growth. B. lessens the burden of scarcity. C. eliminates the economizing problem. D. slows the growth of wants.