The Solow model is used to explain ________
A) why some economies experience higher rates of growth than others
B) the relationship between price and quantity demanded
C) the relationship between the rate of inflation and the rate of unemployment
D) the notion of opportunity cost
A
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Joseph Schumpeter's explanation of why economies experience business cycles focuses on
a. the climatic cycles caused by movements in the solar system b. the impact of war activity on the economy c. housing construction d. the clustering of innovations e. the interaction of the multiplier and the accelerator
For the demand function P = 24 - 3Q,
A. unitary elasticity occurs at price 2. B. total revenue is maximized at price 12. C. demand is elastic at price 12. D. demand is inelastic at price 16.
A ban on trade is known as a(n)
a. tariff b. embargo c. restraint d. fare
At a price of $299.95, the manufacturer of a portable gas-powered generator is willing to produce 19,000 units per quarter. At a price of $349.95, it is likely that the manufacturer will be willing to produce
a. less than 19,000 units per quarter. b. It is impossible to predict the effect of a higher price on the number of units of a product that a firm will be willing to produce. c. more than 19,000 units per quarter. d. 19,000 units per quarter.