Say's Law states that by purchasing goods and services, buyers stimulate firms to produce goods and services equal to what has been purchased: Demand creates its own supply
a. True
b. False
B
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Increases in productivity due to changes in technological capacity could be best represented by:
a. Outward shift in the demand curve b. Outward shift in the supply curvec Outward shift in both the demand and supply curves d. Inward shift in the supply curve
Using Figure 1 above, if the aggregate demand curve shifts from AD1 to AD2 the result in the short run would be:
A. P1 and Y2. B. P3 and Y1. C. P2 and Y2. D. P2 and Y3.
Workers who organize to bargain collectively for wages and working conditions form a
a. joint council b. labor cartel c. labor federation d. collective e. labor union
The market demand for wheat is Q = 100 - 2p + 1pb, where pb is the price of barley. The cross price elasticity of demand for wheat with respect to barley
A) cannot be calculated from just the information provided. B) is negative. C) suggests that wheat and barley are complements. D) equals 1.