Slaves were expensive factors of production in comparison to free labor. Which of the following was not a cost to slave labor?
(a) Food
(b) Clothing
(c) Wages
(d) Medical care
(c)
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How do firms respond to unplanned inventory changes? What is the effect on their production and GDP?
What will be an ideal response?
If real gross domestic product is $2,000 billion and aggregate demand is $2,500 billion, unplanned inventory depletion must be taking place
a. True b. False Indicate whether the statement is true or false
A recent study at a liberal arts college concluded that demand elasticity is 0.91 for college courses. The administration is considering a tuition increase to help balance the budget. An economist might advise the school to: a. decrease tuition in order to increase revenue by boosting enrollment
b. increase tuition in order to increase revenue. c. leave tuition unchanged as a change in tuition is unlikely to enhance the school's budget by increasing revenue. d. decrease tuition because demand for courses is elastic.
Cross-subsidization implies that a loss from one product's sales will be made up by the profit from another product's sales
a. True b. False Indicate whether the statement is true or false