The specific factors model assumes that there are ________ goods and ________ factor(s) of production
A) two; three
B) two; two
C) two; one
D) three; two
E) four; three
A
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Rick withdraws $500 from his savings account, keeps $100 as currency, and deposits $400 in his checking account
A. M1 increases by $400 and M2 decreases by $500. B. M1 does not change, but M2 decreases by $500. C. M1 does not change, but M2 decreases by $400. D. M1 increases by $500 and M2 does not change.
As defined by economists, interest is
a. only the amount earned by productive capital as a resource b. only the amount earned by land as a resource c. only the amount earned by lending money d. both the amount earned by productive capital as a resource and the amount earned by lending money e. both the amount earned by land as a resource and the amount earned by lending money
According to economists, the income elasticity of an inferior good
a. is less than one b. exceeds one c. is zero d. is inelastic e. is negative
In Figure 5.1, the difference between total costs and variable cost is:
A. average total cost. B. fixed cost. C. total costs are positive when output is zero implying fixed costs. D. All of these.