Suppose the quantity of nursing services demanded exceeds the quantity of nursing services supplied. The nursing wage rate will:
A) decrease.
B) increase.
C) not change.
D) none of the above
B
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When your grandfather keeps a bundle of $100 dollar bills behind a brick in the basement, this is an example of dollars serving as:
A. a store of value. B. a medium of exchange. C. bank reserves. D. a unit of account.
Suppose that when the price of ice cream increases, Liza decreases her purchase of hot fudge. To Liza
A) ice cream is a normal good and hot fudge is an inferior good. B) ice cream and hot fudge and substitutes. C) ice cream and hot fudge are normal goods. D) ice cream and hot fudge are complements.
The intercept of the equation: Y = .09 + 1.5X is 1.5
Indicate whether the statement is true or false
The calculation of the responsiveness of suppliers to changing prices is represented by
a. cross elasticity b. supply elasticity c. the supply coefficient d. long-run supply e. market-day supply