Which statement is FALSE?
A. A demand curve slopes downward to the right.
B. Moving down along a demand curve, price falls and quantity rises.
C. Moving up a demand curve, price rises and quantity rises.
D. A demand curve shows an inverse relationship between price and quantity.
C. Moving up a demand curve, price rises and quantity rises.
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The economy's ability to coordinate economic activity is hindered by
A) auction prices. B) workers whose wages change quickly. C) sticky wages causing sticky prices. D) all of the above.
In an economy, if three-fourths of national income goes to labor, and one-fourth to capital stock, the Cobb-Douglas production function for this economy will be:
A) Y = A × 1/4 × K × 3/4 × L B) Y = A × K4 × L3 C) Y = A × K1/4 × L3/4 D) Y = A × K1/3 × L2/3
Which of the following will lead to a depreciation of the dollar against the British pound?
A) an increase in British demand for U.S. imports B) an increase in U.S. interest rates C) a decrease in British demand for U.S. assets D) a decrease in U.S. demand for British goods
Using the physician-control model to explain hospital behavior leads to which of the following conclusions?
a. Other medical inputs tend to be over used to maximize physicians' productivity. b. The use of operating rooms will be maximized with little excess capacity. c. Physicians will strive to utilize the nursing staff efficiently. d. All investment decisions will be based on optimal resource use. e. All of the above are conclusions of the physician-control model.