The resource market is the same as the product market except that, in the resource market:
a. the demand curve slopes upward.
b. the households are the sellers and the firms are the buyers.
c. there is no substitution effect.
d. the supply curve is perfectly inelastic.
e. there is no income effect.
b
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Assume goods X and Y are complements and are produced in perfectly competitive markets. All else constant, an increase in demand for good X would cause:
A) a decrease in the number of firms that produce good X. B) an increase in the number of firms that produce good Y. C) a decrease in the number of firms that produce good Y. D) no effect on the number of firms that produce either good.
A shift in supply means a change in the quantity supplied at _______ price(s).
a. low b. high c. no d. every
In the United States, _____
a. younger female workers tend to experience a higher rate of unemployment, but the rate of unemployment decreases as age increases b. male workers tend to experience a higher rate of unemployment, but the rate of unemployment decreases as experience increases c. female workers from a Hispanic background tend to experience a higher rate of unemployment than male workers from a Hispanic background d. younger female workers with a high school diploma tend to experience a higher rate of employment than female workers with a college education
Which of the following is not an example of a liquid asset?
(A) A checking account (B) Cash (C) A certificate of deposit (D) Travelers' checks