Which of the following is a resource as the term is used by economists?
A. land
B. labor
C. buildings
D. all of the above
Answer: D
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A time-series graph displays the price of copper. The slope of the line is negative for periods when the
A) price of copper is falling. B) price of copper is rising. C) quantity of copper is falling. D) price of copper is low and not changing.
If Polaroid wanted damages against Kodak for infringing on its instant development film process, and the courts found a high positive cross elasticity between purchases of Polaroid instant film and 35 mm regular film, would that have strengthened or weakened Polaroid’s claim against Kodak?
What will be an ideal response?
With its goal of high employment, the Fed attempts to
A) keep unemployment at its natural rate. B) keep the unemployment rate as close to zero as is possible. C) eliminate all but cyclical unemployment from the economy. D) maintain equal rates of frictional, structural, and cyclical unemployment.
In a closed economy S = I, so in an open economy:
A. S = I ? NX. B. S = I + NX. C. S + I = NX. D. S + NX = I.