Refer to the information provided in Figure 31.1 below to answer the question(s) that follow.
Figure 31.1Refer to Figure 31.1. A movement from Point B to Point D represents
A. economic decline.
B. an increase in capital stock.
C. an increase in the labor force.
D. technological progress.
Answer: A
You might also like to view...
If the elasticity of demand were positive what would this imply about the shape of the demandcurve? Why is it that we are unlikely to find a price elasticity of demand with a positive value?
What will be an ideal response?
Sunk costs refer to
A. all the costs that a firm must incur in the process of production. B. the quantities of a good that are given up to obtain one unit of another good. C. the costs that change proportionately with a change in the output. D. costs that were incurred in the past and cannot be recovered and thus should not affect current decisions.
How would a decrease in consumer income affect the market for new automobiles, a normal good?
A. Demand would decrease, leading to an increase in price and a reduction in quantity sold. B. Demand would decrease, leading to a reduction in price and a reduction in quantity sold. C. Demand would increase, leading to an increase in price and an increase in quantity sold. D. Demand would increase, leading to a reduction in price and an increase in quantity sold.
When a business is owned and operated by a single individual who receives all of the profits and is responsible for all debts, it is known as a
A. proprietorship. B. partnership. C. conglomerate. D. corporation.