Which of the following is an example of a resource?
a. Land
b. Capital
c. Entrepreneurship
d. All of the above are resources
d
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In the figure above, the poorest 40 percent of households receive ________ of total income
A) 20 percent B) 10 percent C) 30 percent D) 15 percent
In labor markets, the substitution effect occurs when
A) a substitute good also functions as a complement. B) the cost of production falls enough that the firm will produce a larger amount of output. C) a change in the price of a substitute input causes the demand for labor to change in the same direction. D) a change in the price of a substitute input reduces the cost of capital.
The slope of a nonlinear function at some particular point
a. is the slope of the straight line that is tangent to the function at that point. b. is the slope of the straight line connecting the origin and the point. c. cannot be determined. d. is constant for the entire function.
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In Exhibit 3-15, if the market price of good X is initially $1.50, a movement toward equilibrium requires:
A. no change, because an equilibrium already exists. B. the price to fall below $1.50 and both the quantity supplied and the quantity demanded to fall. C. the price to remain the same, but the supply curve to shift to the left. D. the price to fall below $1.50, the quantity supplied to fall, and the quantity demanded to rise.