The supply curve of antique reproductions is:
A. relatively elastic.
B. relatively inelastic.
C. perfectly inelastic.
D. unit elastic.
Answer: A
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According to the interest rate effect, a decrease in the price level will
A) decrease the real value of money balances, which causes total planned real expenditures to increase. B) cause interest rates to fall, which generates an increase in borrowing, so that total planned real expenditures increase. C) lead to a decrease in net exports, which causes total planned real expenditures to decrease. D) increase the real value of money balances, which causes interest rates to increase, thereby reducing total planned expenditures.
Your purchase of a Gucci purse made in Italy would be classified as:
A. an export. B. an investment good. C. a durable good. D. an import.
Joe consumes 10 units of food and 12 units of clothing. Since food is an inferior good, a gift to Joe of a $12 gift certificate at a clothing store will:
A. definitely make Joe worse off than a gift of $12 in cash. B. definitely make Joe better off than a gift of $12 in cash. C. induce Joe to eat more than 10 units of food. D. None of the statements is correct.
Labor, human capital, and entrepreneurship are resources related to human beings. Distinguish among the three resources
What will be an ideal response?