A resource that can substitute for something but at a higher price is called
a. A virgin resource
b. A marginal resource
c. A reserve resource
d. An index resource
e. A backstop resource
Ans: e. A backstop resource
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Two goods are said to be complements when a fall in the price of one good:
A) leads to a fall in price of the other good. B) doesn't affect the demand for the other good. C) leads to a left shift in the demand for the other good. D) leads to a right shift in the demand for the other good.
Compared with the recovery from the recession of 1981-82, the recovery from the recession of 2008-09 was characterized by
a. more rapid growth of real GDP. b. a more rapid decline in the rate of unemployment. c. larger increases in both government spending and budget deficits as a share of GDP. d. higher interest rates and a more restrictive monetary policy.
The demand curve facing a monopolist is
A. downward sloping. B. vertical. C. upward sloping. D. horizontal.
In Solow's exogenous growth model, the economy reaches a stable steady state because
A) the marginal return of capital is decreasing. B) capital is growing at a constant rate. C) the substitution effect is stronger than the income effect. D) conditional convergence holds.