The upward slope of the supply curve of a good shows:
a. the negative relationship between the price of the good and its quantity supplied.
b. the positive relationship between the price of the good and its quantity supplied.
c. the negative relationship between the price of the good and the price of its substitute.
d. the positive relationship between the price of the good and the price of its substitute.
b
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To be counted as part of the labor force, a person must:
a. be less than 65 years old. b. have worked at some time in the past. c. be employed in some productive activity. d. be working or actively looking for work. e. be above 16 years of age.
Which of the following statements about the multiplier is most accurate?
A. The multiplier only applies to increases in initial spending. B. The multiplier applies to both increases and decreases in initial spending. C. The multiplier is rarely associated with changes in investment spending. D. The multiplier only applies to decreases in initial spending.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The economy is currently at Point B. The opportunity cost of moving from Point B to Point A is the
A. 120 LCD TVs that must be forgone to produce 20 additional OLED TVs. B. 30 LCD TVs that must be forgone to produce 40 additional OLED TVs. C. 20 OLED TVs that must be forgone to produce 30 additional LCD TVs. D. 40 OLED TVs that must be forgone to produce 120 additional LCD TVs.
In the food and kindred products industry, it is estimated that the elasticity of output with respect to labor is 0.43 and the elasticity of output with respect to capital is 0.48. These two measures indicate that the primary metals industry is characterized by
A) decreasing returns to scale. B) constant returns to scale. C) increasing returns to scale. D) no returns to scale.