If a decrease in the price of movie tickets increases the total revenue of movie theaters, this is evidence that demand is:
a. price elastic.
b. perfectly inelastic.
c. unit elastic with respect to price.
d. price inelastic.
a
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The housing bubble experienced in 2006 in the U.S. was exhibited by the extraordinary rise in the ratio of prices of houses to rents on houses
a. True b. False Indicate whether the statement is true or false
An increase in the stock of capital will cause the
A. economy to move down the production possibility frontier. B. production possibility frontier to shift outward. C. economy to move closer to its production possibility frontier. D. production possibility frontier to shift inward.
The above (incomplete) table provides information about the relationships between labor and various product measures. The average product of the fourth unit of labor
A) exceeds the marginal product of the fourth unit of labor. B) is less than the marginal product of the fourth unit of labor. C) is equal to the marginal product of the fourth unit of labor. D) is equal to 4.0.
The most powerful individual in the Federal Reserve is the Chairman of the Board of Governors
Indicate whether the statement is true or false