The price of an nonrenewable resource is expected to rise at a rate equal to the
A) rate of supply.
B) rate of population growth.
C) rate of demand.
D) interest rate.
D
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In the above figure, as the economy adjusts toward equilibrium, the
A) AD curve will shift rightward. B) SAS curve will shift rightward. C) AD curve will shift leftward. D) SAS curve will shift leftward.
The principle of diminishing marginal product states:
A. the total output produced decreases as the quantity of the input increases. B. the total output produced increases as the quantity of the input increases. C. the marginal product of an input decreases as the quantity of the input increases. D. the marginal product of an input eventually will be negative.
Michael West has trouble getting places on time. He is always late for job interviews and has been out of work for three years. He is ___________ unemployed.
A. frictionally B. structurally C. cyclically D. seasonally
If the cross price elasticity of demand between two goods is positive, then the two goods are
A) substitutes. B) complements. C) independent. D) unrelated.