Land and mineral resources, transportation and communication facilities, factories and farm buildings, equipment, tools, and machinery are all examples of _____________.
a. the economizing problem
b. insatiable wantss
c. scarce economic resources
d. unlimited economic resources
e. economic growth
c. scarce economic resources
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The main effect of a decrease in labor demand that arises from a decrease in capital stock is
A) lower real wages. B) shifts in unemployment. C) a need for fewer immigrant workers. D) companies make fewer profits.
According to new classical economists, if a decrease in aggregate demand is correctly anticipated, the short-run aggregate supply curve will shift __________ at the same time the AD curve shifts _________ so that there will be no change in Real GDP
A) rightward; rightward B) leftward; rightward C) leftward; rightward D) rightward; leftward E) none of the above
The substitution effect indicates that:
A) a decline in money income will cause the consumer to buy more inferior goods and fewer superior goods. B) consumer equilibrium can only be achieved when the consumer is buying substitute goods. C) when the price of a product falls, the lower price will induce the consumer to buy more of that product at the expense of other products. D) when the price of a product falls, a consumer will be able to buy more of it with a specific money income.
When Burger Barn hires one worker, 10 customers can be served in an hour. When Burger Barn hires two workers, 25 customers can be served in an hour. The marginal product of the second worker is ________ customers served per hour.
A. 15 B. 30 C. 40 D. 67.5