Which of the following examples would most likely rely on location to differentiate a product?
a. a woman’s clothing store
b. a producer of pens
c. a construction company
d. a cherry orchard
a. a woman’s clothing store
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The real business cycle theory is most closely related to
a. Keynesian theory. b. monetarist theory. c. the classical model. d. the new Keynesian model.
The price elasticity of demand is defined as the:
A. Percentage change in quantity demanded times the percentage change in price. B. Unit change in price divided by the unit change in quantity demanded. C. Percentage change in quantity demanded divided by the percentage change in price. D. Unit change in quantity demanded times the unit change in price.
Jimbo has a comparative advantage over Ned in producing a good if
A. Jimbo can produce more of the good than Ned can in a given time period. B. Jimbo has a lower opportunity cost of producing the good than does Ned. C. Jimbo has to trade off more than Ned does to produce the good. D. Jimbo has a higher opportunity cost of producing the good than does Ned.
According to traditional Keynesians, when the central bank increases the money supply during a recession
A. people will refuse to use the money. B. people will keep most of it in their bank accounts. C. people will borrow more from banks. D. people will spend all of the money on goods and services.