Unlike a "service," a "good"
a. is desirable
b. uses resources to satisfy wants
c. is physical and tangible
d. is abundant and free
e. is a resource
C
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Which of the following statements is true?
A) If the supply of labor exceeds the demand for labor, wage rates tend to rise. B) There is no voluntary unemployment at the equilibrium wage rate. C) If the demand for labor exceeds the supply of labor, wage rates tend to fall. D) Lack of information relating to the job market can lead to unemployment.
The short-run aggregate supply curve can slope upward because
A) prices are fixed in the short run. B) wages adjust immediately to changing economic circumstances. C) producers have misperceptions about the aggregate price level. D) prices adjust instantaneously.
A jeweler cut prices in his store by 20%. As a result: a. Its total revenue would fall by 20% if the elasticity of demand was zero
b. Its total revenue would fall, but by less than 20% if the elasticity of demand is greater than zero but less than one. c. Its total revenue would rise if the elasticity of demand is greater than one. d. All of the above would be true.
Consider two straight-line PPFs. They have the same vertical intercept, but curve I is flatter than curve II. The opportunity cost of producing the good on the vertical axis
What will be an ideal response?