If product demand increases and product price increases
A. the marginal revenue product curve will shift to the right.
B. the firm will move down the marginal revenue product curve and hire more units of the input.
C. the marginal revenue product curve will shift to the left.
D. the firm will move up the marginal revenue product curve and hire fewer units of the input.
Answer: A
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Since demand is more inelastic for products that represent a smaller share of your income, which one of the following is true?
a. the demand for shoe laces is more elastic than the demand for shoes b. The demand for oil changes is more inelastic than the demand for cars c. the demand for ear buds is more elastic than the demand for ipods d. the demand for Salt has a more elastic than the demand than meat
If you lived in Jamaica, you would know that Jamaican NNP less indirect business taxes in Jamaica equals Jamaican
a. GNP b. NNP c. personal income d. personal disposable income e. national income
A price elasticity of supply of 0.56 means that:
a. for every 10 percent change in price, quantity supplied will move in the same direction by 0.56 percent. b. for every 10 percent change in price, quantity supplied will move in the opposite direction by 0.56 percent. c. for every 10 percent change in price, quantity supplied will move in the opposite direction by 5.6 percent. d. for every 10 percent change in price, quantity supplied will move in the same direction by 5.6 percent.
Assume that the reserve—deposit ratio is 0.2. The Federal Reserve carries out open-market operations, purchasing $1,000,000 worth of bonds from banks. This action increased the money supply by $2,600,000. What is the currency—deposit ratio?
A) 0.2 B) 0.3 C) 0.4 D) 0.5