The substitution effect of a change in the price of cauliflower is the portion of the change in the quantity of cauliflower demanded that can be attributed to the change in the price of a substitute vegetable such as asparagus
Indicate whether the statement is true or false
FALSE
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A reduction in the money supply will result in:
A) a lower interest rate and more negative output gap B) a higher interest rate and more positive output gap C) a lower interest rate and more positive output gap D) a higher interest rates and more negative output gap
Which of the following is most important for the achievement of higher income levels and living standards?
A) production of additional goods and services that people value highly relative to the cost of their production B) an increase in total employment C) restriction of imports that expand employment in the protected industries D) increases in government spending that create jobs
Which of the following would cause an increase in human capital?
A. The purchase of an airplane B. An increase in the sale of Microsoft Windows C. An increase in the number of college students D. A machine purchased to cook burgers automatically
There are many exemptions from antitrust laws. Which of the following is NOT one of them?
A. hospitals B. public utilities C. labor unions D. Internet service providers