On the graph above, the constant value 1.43 is ________
A) the productivity of labor devoted to research and development
B) the logarithmic scale
C) the amplification effect of improving technology
D) the initial level of technology
C
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In general, does the demand for labor become more or less elastic as we increase the number of other variable inputs used in a production process?
A) More elastic B) No change in elasticity C) Less elastic D) We cannot answer this question without more information about the other inputs
A bond’s price is unaffected by
A. changes in the market interest rate. B. returns on other financial assets. C. changes in government policies. D. all of these factors.
In the IO perspective it is important to enter an industry with
a. High barriers to entry b. Differentiated products c. Small number of competing firms of different sizes d. All of the above
Exhibit 3-8 Demand and Supply Data for Video Games ? Price Quantity Demanded of Video Games Quantity Supplied of Video Games $75 400 900 70 450 850 65 500 800 60 550 750 55 600 700 50 650 650 45 700 600 40 750 550 ? In Exhibit 3-8, if there is a shortage of video games of 200 units, the current price of video games must be:
A. $60. B. $55. C. $40. D. $45.