Which of the following is NOT a service?
A. physical labor purchased by a producer
B. things purchased by a consumer that do not have physical characteristics
C. tasks performed by someone else
D. a diamond used in an engagement ring
Answer: D
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The assumption of variable velocity translates to, in IS-LM analysis, __________ curves
A) downward sloping IS B) vertical IS C) upward sloping LM D) vertical LM
The market-clearing curve for complementary goods is:
A. horizontal. B. downward-sloping. C. vertical. D. upward-sloping.
Which of the following statements best illustrates the relationship between the market for products and the market for resources?
a. An increase in the price of cameras will decrease the demand for film. b. As income rises, people demand relatively smaller amounts of food. c. An increase in the demand for textiles will increase the demand for textile workers. d. An increase in the price of butter will cause more people to buy margarine. e. A decrease in the demand for tea will increase the demand for coffee.
Suppose that inventories are falling. We could expect that, in the future:
A. Unemployment will likely increase B. Unemployment will likely decrease C. We can't predict what will happen to unemployment D. Real GDP will likely decrease