If variable X goes down as a result of variable Y going down, then X and Y are
A) directly related.
B) negatively related.
C) inversely related.
D) independent.
A
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A firm will find it profitable to hire workers up to the point at which their
A. marginal resource cost is equal to their MRP. B. MP is equal to their MRP. C. marginal resource cost equals their wage rate. D. wage rate equals product price.
The market supply curve of capital is
a. upward sloping b. perfectly inelastic c. upward sloping at first but then bends backward d. downward sloping e. perfectly elastic
An increase in the capital stock causes labor productivity to
a. decrease and the standard of living to increase b. increase and the standard of living to decrease c. decrease and the standard of living to decrease d. increase while the standard of living remains constant e. increase and the standard of living to increase
What is the effect of important restrictions on prices?
a) they cause prices to drop b) they cause prices to rise c) they often cause prices to rise steeply and then drop d) they usually do not have any lasting effect on price