Which of the following would NOT allow society to move to point "h" in the above figure?
A. an increase in quantity of capital
B. an improvement in technology
C. more efficient use of current resources
D. an increase in quantity of labor
Answer: C
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Economic models
a. are always based on realistic assumptions. b. usually predict perfectly. c. can never be tested with real world data. d. are used to describe cause-and-effect relationships. e. are too simple to be of much use.
Results of the study done by Lee Benham on advertising for eyeglasses would suggest that
a. brand loyalty and market power in the eyeglass market was likely to be more pervasive in states that allowed advertising. b. eyeglass sales were more profitable in states that allowed advertising. c. optometrists would not be supportive of advertising restrictions. d. optometrists would enthusiastically endorse advertising restrictions.
Assuming competitive markets with typical supply and demand curves, which of the following statements is correct?
A. An increase in supply with no change in demand will result in an increase in price. B. An increase in supply with no change in demand will result in a decline in sales. C. An increase in demand with no change in supply will result in an increase in sales. D. An increase in supply with a decrease in demand will result in an increase in price.
Which of the following will lead to a decrease in the equilibrium interest rate in the economy?
A) an increase in the price level B) a sale of government securities by the Fed C) a decrease in GDP D) an increase in the discount rate E) an increase in the reserve requirement