The distinguishing feature of the land market is that the
A. supply is highly inelastic.
B. supply is highly elastic.
C. demand is highly inelastic.
D. demand is highly elastic.
Answer: A
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If a change in technology improves the marginal productivity of capital, the
a. supply of capital will increase b. supply of capital will decrease c. demand for loanable funds will increase d. demand for loanable funds will decrease e. supply of loanable funds will increase
When the equation X = GDP - C- I - G yields a negative X, it represents a situation in which the country:
a. experiences runaway inflation. b. experiences robust GDP growth. c. experiences a huge budget deficit. d. borrows to cover the difference between production and spending. e. lends to cover the difference between production and spending.
Which of the following correctly comments on the following statement? "The only way to increase the revenue from selling a product is to increase the product's price."
A) It is not true. Revenue will increase as the price of the product increases only if demand is elastic. B) This statement is not true. Revenue will increase as the price of the product increases only if demand is inelastic. C) The statement is true. D) This statement is not true. Revenue will decrease as the price of the product increases because quantity demanded will fall.
The aggregate production function is the mathematical representation of the technological relationship between
A. national output and fiscal policy. B. fiscal and monetary policy changes and national output. C. national output and inputs. D. the rate of capital accumulation and national output.