One difference between the assets included in M1 and those added to calculate M2 is that items in M1 are
a. better stores of value than those added to compute M2.
b. more liquid than those added to compute M2.
c. less liquid than those added to compute M2.
d. larger than those added to compute M2.
b
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What would be the direct effect of a reduction in the U.S. selling price of Japanese-made cars on the U.S. demand for Japanese-made cars?
A) No effect, because price changes affect quantity demanded, not demand. B) The demand would decrease. C) The demand would increase. D) We cannot tell unless we know the elasticities of demand for Japanese-made and American-made cars. E) We cannot tell unless we know whether more cars can be imported from Japan.
Several years ago while teaching in Russia, I was using a production function like the ones used in this text. Output is a function of labor, capital and technology. One professor asked me how I could talk about production without including all the inputs that go into the process. Write a response to this professor from what you know of a production function.You should focus on the concept of value added production.
What will be an ideal response?
The improvement in human capital can be shown by a(n)
A. increase along the production function. B. decrease along the production function. C. shift up of the production function. D. shift down of the production function.
At a farmer’s market, tomatoes are priced at $4 per pound. Most customers offer $2 per pound, but eventually buy them for $3 per pound. In this case, $3 per pound represents ______.
a. market price b. consumer surplus c. producer surplus d. deadweight price