If two resources, such as labor and farm machinery, are complementary,
a. one can be used in place of the other
b. an increase in the price of one will increase the demand for the other
c. an increase in the price of one will increase the supply of the other
d. a decrease in the price of one will increase the productivity of the other, which will decrease the demand for that other resource
e. a decrease in the price of one will increase the demand for the other
E
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A payday loan company has decided to open several new locations in the city. To decide where to open these locations it hires consultants and must decide how to pay them. To align incentives, it should to pay the consultants
a. Per store opened b. A percentage of the profit earned per new store c. A fixed contract amount d. All of the above
Marginal revenue is: a. the additional cost incurred from producing one more unit of output. b. the addition to total profit from selling one more unit of output
c. the addition to total revenue from selling one more unit of output. d. the addition to total output from hiring one more unit of labor.
In the equation of exchange, PQ represents: a. the dollar value of all final goods and services sold in a country in a given year. b. the price index times nominal GDP
c. real GDP. d. the price level times the velocity of money
Keynesians believe that velocity of money is stable and predictable
Indicate whether the statement is true or false