A change in demand for a resource can be caused by
a. proportion of economic rent in the total earnings of the resource
b. opportunity cost of the resource
c. price of the resource
d. a change in the number of firms producing the final product
e. ease with which resources can be put to alternative uses
D
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The best economic theory is the one
a. whose assumptions most closely match reality b. that yields the most accurate predictions c. that most simply represents reality d. that most closely matches the conscious behavior of economic decision makers e. that includes the most details
One way to increase labor force participation is to cut income tax rates. Which of the following is true given such a scenario?
a. Cutting income tax rates increases labor force participation and also allows all other taxes to be cut b. Cutting income tax rates may force the government to raise other taxes or cut some programs c. Cutting income tax rates raises more tax revenue and allows for even more government programs d. Cutting income tax rates puts the burden of the tax cuts on those who now join the labor force. e. Cutting income tax rates reduces labor force participation.
Which of the following statements is false?
a. Profit is increasing when marginal revenue is greater than marginal cost. b. Marginal cost is always decreasing. c. Marginal and average total costs are equal at the most efficient production level. d. The AFC and AVC curves cross. e. The AFC and ATC curves do not cross.
When the euro appreciated significantly against the U.S. dollar, European policymakers were concerned.To stop the appreciation of the euro, the European Central Bank could have adopted a macroeconomic policy that:
A. reduced the supply of euros but increased the demand. B. reduced both the supply and demand for euros. C. increased both the supply and the demand for euros. D. reduced the demand for euros but increased the supply.