Office workers and word processing programs are complements if:
A. a decrease in the wage paid to office workers leads to an increase in the demand for word processing programs.
B. a decrease in the wage paid to office workers leads to a leftward shift in the demand for word processing programs.
C. they perform similar functions.
D. an increase in the price of word processing programs leads to an increase in the demand for office workers.
Answer: A
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In game theory, if two rivals in an oligopoly can avoid a large loss by cutting price from $40 to $35,
a. neither will cut its price b. one will charge $40 and the other will charge $35 c. their actions will depend on their respective strategies d. each will cut price but not all the way to $35 e. they will collude to do what's best for both of them
The addition to revenue obtained from hiring an additional unit of labor is
A) total product. B) marginal revenue product. C) marginal factor cost. D) marginal physical product of labor.
A reduction in nominal wages will cause which of the following?
A. a shift of both the short-run and long-run aggregate supply curves B. a leftward shift in the short-run aggregate supply curve C. a movement along the short-run aggregate supply curve D. a rightward shift in the short-run aggregate supply curve
If the velocity of money remains unchanged and the economy is at full employment, then the equation of exchange predicts that a rise in the money supply will:
A. Increase prices B. Increase interest rates C. Increase real output D. Decrease nominal GDP