Which of the following pairs of goods are substitutes?
A) Baseball bats and baseballs
B) Hot dogs and mustard
C) Computer hardware and software
D) Gasoline and motor oil
E) Owner-occupied housing and rental housing
E
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The law of demand tells us that people will buy more of a good if
A) the price of that good decreases. B) the prices of other goods decrease. C) people's income increases. D) every factor that can affect people's buying decisions changes.
A firm's production function shows the: a. relationship between the inputs and outputs of the firm
b. annual growth rate of revenue of the firm. c. combination of two goods that the firm can produce given its available resources. d. combination of two goods that results in the same amount of profit for the firm.
The larger the percentage of U.S. imports already priced in dollars, the less likely depreciation in the U.S. dollar will be to:
a. decrease prices of imports. b. increase prices of imports. c. limit trade imbalances. d. increase trade with third-party nations.
Which one of the following statements is TRUE?
A. The sum of wages lost by all unemployed workers gives an accurate, comprehensive estimate of the total cost of unemployment. B. The existence of unemployment places the economy at a point inside its production possibilities curve. C. The unemployment rate is the percentage of the population not working. D. To be counted as part of the labor force, an individual must be working more than 40 hours a week.