Each of the following was an effect of cheap or free land during the 19th century except
A. a high birth rate.
B. a high rate of immigration.
C. a rapid rate of technological development.
D. a high rate of migration from the farms to the cities.
D. a high rate of migration from the farms to the cities.
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All else constant, an improvement in technology would cause a firm's total, average and marginal product functions to increase (graphically, shift up)
Indicate whether the statement is true or false
In response to an increase in the population and the labor force, we would expect
a. both the short run and long run Phillips curve to shift to the right. b. the short run Phillips curve remains unchanged while the long run Phillips curve shifts to the right. c. the long run Phillips curve remains unchanged while the short run Phillips curve shifts to the right. d. both the short run and long run Phillips curve to shift to the left. e. none of the above.
When an input represents a larger proportion of a firm's total costs, then
A) demand for the input will tends to be less elastic. B) the input demand will not vary significantly with a change in input price. C) the usage of the input cannot be varied in the production function. D) demand for the input will tends to be more elastic.
If the price of a good decreases by 10% and the quantity demanded increases by 10%, then at that price, the good is
A. unit elastic. B. perfectly inelastic. C. elastic. D. inelastic.