The law of diminishing marginal utility is the reason for upward sloping supply curves
a. True
b. False
Indicate whether the statement is true or false
False
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For the same sized substitution effect, own-price demand curves for inferior goods are steeper than own price demand curves for normal goods.
Answer the following statement true (T) or false (F)
If the real interest rate rises, people
A) save more. B) save less. C) earn a higher real wage rate. D) decrease their expected future income.
Which of the following best describes the impact of technological change on labor? a. Technology causes unemployment in the short run and lower incomes in the long run
b. Technology causes unemployment in the short run and higher incomes in the long run. c. Technology causes unemployment in the long run and higher incomes in the short run. d. Technology causes unemployment in the long run and lower incomes in the short run. e. Technology causes unemployment and lower incomes in both the long run and the short run.
Briefly explain the loan able funds theory of interest rate determination
What will be an ideal response?