The division of a resource's earnings between economic rent and opportunity cost depends on the resource owner's
a. elasticity of labor supply
b. price elasticity of labor demand
c. income elasticity of labor demand
d. cross-price elasticity of demand
e. marginal revenue product
A
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Banks would be expected to minimize holding excess reserves because this practice is
A. illegal.
B. not profitable.
C. technically difficult.
D. subject to a stiff excess reserves tax.
Caroline has saved $100,000 for her retirement. She earned 4 percent interest on that money during the year 2013. If the inflation rate was 1 percent in 2013, what was Caroline's real interest rate?
A) $4,000 B) 5 percent C) 1 percent D) 4 percent E) 3 percent
Julie always purchases the soda with the lowest price. For Julie, the cross price elasticity of demand for brand X and brand Y will be
A) equal to 0. B) negative. C) positive. D) impossible to determine without more information.
If both real GDP and nominal GDP of a country increased at the same rate in a particular year, which of the following is most likely to have taken place?
a. Output increased and the price level increased b. Output increased and the price level decreased c. Output decreased and the price level increased d. Output decreased and the price level decreased e. Output increased and the price level remained constant