Which of the following will not cause a shift in the demand curve for a good?
A. Income.
B. Taste.
C. The price of the good itself.
D. The prices of other related goods.
Answer: C. The price of the good itself.
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Other things remaining the same, which of the following is likely to increase both the wage rate and the number of workers hired in a rice farm?
A) An increase in the price of rice B) A decrease in the price of rice C) A decrease in the population in the area where the farm is located D) An increase in the population in the area where the farm is located
Refer to Table 7-3. Select the statement that accurately interprets the data in the table
A) Mateo has an absolute advantage in making spurs. B) Mateo has an absolute advantage in making saddles and Celeste has an absolute advantage in making spurs. C) Celeste has an absolute advantage in making saddles. D) Mateo has an absolute advantage in making spurs and Celeste has an absolute advantage in making saddles.
From an initial steady state, suppose a government policy increases the national saving rate, causing the capital stock to start growing faster than the population. With (K/N) now rising, the Solow growth model goes on to say that (Y/N)
A) will rise only so far, to where the increased requirement for new capital matches the increased saving. B) will rise only temporarily, so long as the population growth rate remains constant. C) will rise and keep on rising, so long as the national saving rate exceeds the population growth rate. D) never does rise, since the government's policy does not affect either the population growth rate or the depreciation rate.
In the long run, which of the following is considered a variable cost?
A) Expenditures for wages B) Expenditures for research and development C) Expenditures for raw materials D) Expenditures for capital machinery and equipment E) all of the above