The production possibilities curve shifts to the left when resources in the economy increase
Indicate whether the statement is true or false
F
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If a good has a price elasticity of demand equal to 0, ________
A) the percentage change in quantity demanded for the good will be greater than the percentage change in its price B) the demand curve of the good is upward sloping C) the smallest increase in its price causes consumers to stop consuming it completely D) the quantity demanded is completely unaffected by a change in its price
An economy that engages in international trade is called
A) a cooperative economy. B) a modern economy. C) an engaged economy. D) an open economy.
Because incentive contracts result in more risk placed on the part of agents
a. the average level of compensation typically falls b. the average level of compensation typically rises c. compensation is unaffected d. employers want employees to insure against wild compensation swings
Dan owns one of the many bakeries in New York City. Which of the following events will lead to an increase in Dan's demand for the services of bakers? (i) The price of muffins increases. (Muffins are Dan's specialty.) (ii) Dan adds three new ovens to the kitchen area to help the bakers work faster. (iii) Local bakers form a union to protect themselves from low wages
a. (i) and (ii) only b. (ii) and (iii) only c. (i) and (iii) only d. (i), (ii), and (iii)