The argument that rising energy prices caused the decline in U.S. productivity in the 1970s is made less believable due to the
A. falling level of saving in the 1970s.
B. falling level of energy prices in the 1980s.
C. rising level of energy prices in the 1980s.
D. rising level of energy prices in the 1990s.
Answer: B
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Answer the next question on the basis of the following demand schedule.PriceQuantity Demanded$615243342516Which of the following is correct?
A. Although the slope of the demand curve is constant, price elasticity of demand goes from inelastic to elastic as we move from high to low price ranges. B. Although the demand curve is convex to the origin, price elasticity of demand is constant throughout. C. Although the slope of the demand curve is constant, price elasticity of demand goes from elastic to inelastic as we move from high to low price ranges. D. A steep slope means demand is relatively inelastic; a flat slope means demand is relatively elastic.
What does it mean when a firm is earning positive economic profit?
What will be an ideal response?
If economic profits are zero
A) accounting profits is less than the cost of capital. B) accounting profit is just covering the cost of capital. C) the cost of capital is negative. D) the entrepreneur should go to his/her next best alternative.
The phrase "price-taker" means
A) that market price is independent of the output of a single firm. B) each firm faces a perfectly elastic demand curve. C) that price and marginal revenue are the same. D) all of these choices.