Movement from the lower to the upper range of a downward-sloping straight-line demand curve indicates that demand is becoming
A. easier to estimate.
B. more inelastic.
C. harder to estimate.
D. more elastic.
D. more elastic.
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If the MPP of labor is 60 and the price of labor per period is $20, the MPP of machinery is 75, and the price of the machinery per period is $25, in order to achieve optimal input proportions, the firm should use
A. more labor and less machinery. B. more machinery and less labor. C. more labor with the same amount of machinery. D. the current combination.
In a price system, changes in prices
A) make it difficult for the system to function well. B) imply that people have made mistakes in the past. C) signal to everyone in the system what goods are relatively more or less scarce. D) signal to policy makers what goods should and should not be taxed more.
In the simple liquidity preference model, changes to the money supply will have a smaller effect on interest rates the:
A. steeper, more elastic is the money demand curve. B. flatter, more elastic is the money demand curve. C. flatter, less elastic is the money demand curve. D. steeper, less elastic is the money demand curve.
Which is assumed to be most limited in scope under a market system?
A. Freedom of choice. B. Government. C. Competition. D. Freedom of enterprise.