Which of the following could cause the production function to shift upward?
a. A decrease in the capital stock
b. An increase in the capital stock
c. An increase in population
d. A decrease in population
e. An increase in transfer payments
B
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Deciding if a power company will generate electricity from wind power or coal answers the economic question of
A) what products will be produced. B) where will the products be consumed. C) who consumes the products produced. D) how will the products be produced.
Redemptioners were immigrants who:
a. came to America as missionaries. b. were brought over on credit provided by ship captains. c. had previously been imprisoned in England. d. refused to work as indentured servants.
When the economy is operating at the equilibrium level of? GDP, we know that
A) total planned real consumption expenditures equal real GDP.
B) planned real investment spending equals real net exports of zero.
C) total planned real expenditures equal real GDP.
D) real net exports equal inventory changes.
Yovanka has diabetes and she will pay any amount of money to buy the insulin she needs to stay alive. Yovanka's demand for insulin is:
A) perfectly price-inelastic. B) perfectly price-elastic. C) price-elastic. D) price-inelastic.