Demand for labor is
a. derived demand.
b. highly elastic.
c. dependant on its supply.
d. directly proportional to capital employed.
a
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Velcro is becoming more and more popular for a variety of uses, including as fasteners for shoes. What should happen to the equilibrium price and quantity for shoelaces as a result?
a. Both price and quantity will increase. b. Both price and quantity will decrease. c. Price will increase and quantity decrease. d. Price will decrease and quantity increase. e. Nothing.
Which of the following is not included in Nation A's financial account?
a. Foreign deposits of funds in savings accounts in Nation A. b. Foreign companies' profits on their operations in Nation A. c. Foreign purchases of Nation A's Treasury bills. d. All the above.
Suppose the price elasticity of supply for minivans is 0.3 in the short run and 1.2 in the long run. If an increase in the demand for minivans causes the price of minivans to increase by 5%, then the quantity supplied of minivans will increase by about
a. 1.5% in the short run and 6% in the long run. b. 6% in the short run and 1.5% in the long run. c. 16.7% in the short run and 4.2% in the long run. d. 4.2% in the short run and 16.7% in the long run.