After getting a raise at work, Jasper now regularly buys steak instead of chicken. Which factor of demand has influenced Jasper's demand for steak?
A. Price of a substitute good
B. Price of a complementary good
C. Income
D. Preferences
C. Income
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Higher relative wages for labor tends to
A) increase the supply of labor. B) decrease the demand for labor. C) encourage firms to find substitutes, such as automation. D) accomplish all of the above.
Which of the following is NOT a feature of recent U.S. business cycles?
A) The time series of deviations from trend in real GDP is quite choppy. B) The time series of deviations from trend in real GDP is quite smooth. C) There is no regularity to the amplitude of fluctuations in real GDP above trend. D) There is no regularity to the frequency of fluctuations in real GDP above trend.
A technological advance that increases the productivity of all inputs is best illustrated as: a. a movement along the production possibilities curve. b. a flattening of the production possibilities curve
c. an inward shift of the production possibilities curve. d. an outward shift of the production possibilities curve.
If this firm were a perfect competitor selling its entire output at a price of $10, the marginal revenue product of the fourth unit of output would be
A. $0.
B. $10.
C. $15.
D. $20.