Other things constant, as the price of a resource increases,
a. the quantity of the resource demanded falls.
b. the quantity of the resource supplied falls.
c. the price of the product the resource helps to produce falls.
d. there is less of an incentive for users of the resource to find substitute resources.
A
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The consumer Wi-Fi-service-service providers' market is best described as a
A. monopoly. B. monopolistic competition. C. oligopoly. D. perfectly competitive market.
All the following statements about the Federal Reserve are true EXCEPT the fact that it ________
A) is a public authority B) regulates a nation's depository institutions C) accepts checking deposits from the nation's residents D) controls the quantity of money
Consumption spending is $22 million, planned investment spending is $7 million, actual investment spending is $7 million, government purchases are $9 million, and net export spending is $3 million
Based on this information, which of the following is true? A) Aggregate expenditure is equal to GDP. B) Aggregate expenditure is greater than GDP. C) Aggregate expenditure is less than GDP. D) There was an unplanned change in inventories.
Suppose the production function for coffee (C) is C = min(B,W), where B = beans in pounds and W = water in gallons. Suppose the price of water is $.10 per gallon and the price of beans is $10 per pound. The expansion path is
a. B = 10W b. B = .1W c. B = W d. ?10 = B + W