Which of the following is not a factor of production?
A. Six thousand acres of farmland.
B. A bulldozer.
C. $100,000 cash.
D. A psychiatrist.
Answer: C
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From the data in the above table, when the economy is in short-run equilibrium, if aggregate demand does not change, then as time passes the
A) short-run aggregate supply curve shifts rightward. B) short-run aggregate supply curve shifts leftward. C) long-run aggregate supply curve shifts rightward. D) long-run aggregate supply curve shifts leftward.
Suppose a consumer only purchases food and clothing, and food is plotted along the horizontal axis of the consumer's indifference map
If the price of clothing increases and the price of food and income do not change, then the budget line changes by rotating: A) counter-clockwise about the fixed vertical axis intercept. B) clockwise about the fixed vertical axis intercept. C) counter-clockwise about the fixed horizontal axis intercept. D) clockwise about the fixed horizontal axis intercept. E) none of the above
Which of the following does NOT describe an advantage of experiments?
A. With experiments, it is easier to determine whether people's choices are consistent with standard economic theory. B. With experiments, it is often easier to establish causality. C. With experiments, researchers can double check their assumptions and conclusions by testing and debriefing subjects. D. It is generally cheaper to conduct experiments than it is to compute mathematical models.
Suppose Dave always uses two lemon wedges with his glass of iced tea. Dave's indifference curves for lemon wedges and iced tea are
a. bowed inward. b. bowed outward. c. straight lines. d. L shaped.