specialized investments
What will be an ideal response?
investments made to allow two parties to exchange but has little to no value outside of the exchange relationship
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What will happen to the demand curve for tea workers if the price of tea increases, assuming all else equal?
A) There will be an upward movement along the demand curve for tea workers. B) There will be a leftward shift in the demand curve for tea workers. C) There will be a downward movement along the demand curve for tea workers. D) There will be a rightward shift in the demand curve for tea workers.
When the government sets a price floor which is above the equilibrium price
A) a surplus will develop. B) a shortage will develop. C) the equilibrium price will be maintained. D) a price ceiling will follow.
For an investment to be considered autonomous, it must
A. include fixed components. B. increase as the level of income increases. C. be independent of the level of real disposable income. D. be negatively related to the interest rate.
Classical economists think that lump-sum tax changes
A. have no effect because of Ricardian equivalence. B. have a powerful effect on the economy. C. should be used to smooth business cycles. D. affect aggregate demand after a lag.