An increase in consumer income will shift both the supply and demand curves
a. True
b. False
Indicate whether the statement is true or false
False
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The amount of payment necessary to attract a given productive resource away from its best alternative use is the
a. resource cost. b. opportunity cost. c. overhead cost. d. variable cost.
Output per worker is used to measure which economic indicator?
a. inflation b. specialization c. unemployment d. productivity
If the nominal interest rate is 2 percent and the anticipated inflation rate is 6 percent, then
A. the real interest rate is -8 percent. B. the real interest rate is -4 percent. C. the real interest rate is 8 percent. D. the real interest rate is 4 percent.
The amount of labor a firm employs depends on
A) the market wage. B) the market price for the good produced. C) Both A and B. D) None of the above.