When there is a shortageI.there is a tendency for price to increase.II.there is an excess quantity demanded.
A. I only
B. II only
C. both I and II
D. neither I nor II
Answer: C
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If revenue in the short run is sufficient to offset variable costs but not all fixed costs, what should the firm do?
What will be an ideal response?
In most cases, expenditure-switching policies must be accompanied by expenditure-reducing policies because
A) expenditure-switching policies are completely ineffective without expenditure-reducing policies. B) inflation ensues as home country domestic expenditures switch away from foreign goods to domestic goods unless overall expenditures are reduced. C) inflation abroad may increase the demand for domestic goods, causing inflation to rise. D) the depreciation in the exchange rate may decrease the domestic price of foreign goods, causing an increase in the current account deficit. E) None of the above.
If the price of a product increases, the demand for the resource used in producing that product decreases
a. True b. False Indicate whether the statement is true or false
Education and training of workers would best be categorized as
A) land.
B) labor.
C) physical capital.
D) human capital.