An increase in the price of a product will reduce the amount of it purchased because:
A. supply curves are upsloping.
B. the higher price means that real incomes have risen.
C. consumers will substitute other products for the one whose price has risen.
D. consumers substitute relatively high-priced for relatively low-priced products.
Answer: C
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Endogenous growth theory rejects the assumption of exogenous
a. production functions. b. knowledge. c. technology. d. both b and c. d. all of the above.
If x causes y, then
a. x and y are inversely related b. y is a dependent variable c. other variables don't matter d. y must, in turn, cause x e. x and y are always in a direct relation to each other
General Motors was able to gain advantage over Ford in the 1920s primarily because:
a. the latter failed to adapt its product policy and organization structure to meet the demands of the changing market. b. the former had always been an M-form and better managed organization. c. the latter charged higher prices for its cars than General Motors. d. the former was vertically integrated with better control over its input production than Ford.
Upwardly mobile workers who may be between jobs are considered
a. frictionally unemployed b. structurally unemployed c. cyclically unemployed d. unemployable e. discouraged workers