Total physical product shows what happens to the quantity of a firm’s output when that firm changes the quantity of an input in the production process.
Answer the following statement true (T) or false (F)
False
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After running a promotional campaign, the owners of a local shoe store decided to decrease the prices for the shoes sold in their store. One can imply that
a. The promotional expenditures made the demand for their shoes more elastic b. The promotional expenditures made the demand for their shoes more inelastic c. The promotional expenditures has no effect on the shoe demand elasticity d. The owners got it wrong. To cover the promotional expenses, they should have raised the prices.
The Federal Reserve Banks are owned by
a. the federal government. b. a combination of state governments and the federal government. c. the Board of Governors. d. their member banks.
Which of the following statements about the effects of rent control is correct?
a. The short-run effect of rent control is a surplus of apartments, and the long-run effect of rent control is a shortage of apartments. b. The short-run effect of rent control is a relatively small shortage of apartments, and the long-run effect of rent control is a larger shortage of apartments. c. In the long run, rent control leads to a shortage of apartments and an improvement in the quality of available apartments. d. The effects of rent control are very noticeable to the public in the short run because the primary effects of rent control occur very quickly.
A situation in which output decreases while prices increase is often referred to as:
A. inflation. B. negative economic growth. C. a recession. D. stagflation.