What is an accurate implication resulting from an increase in income?
A) an increase in exchange rate
B) a decrease in exchange rate
C) a decrease in consumption
D) a decrease in output
E) an increase in consumption
E
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Which of the following is an example of an intermediate product?
A. The lumber produced by Boise Cascade and sold to a builder of old houses B. An antique car sold to the highest bidder C. A pair of skis sold by a sporting goods retailer to a skier D. A share of IBM stock
What is productive efficiency?
A) a situation in which resources are allocated to their highest profit use B) a situation in which resources are allocated such that goods can be produced at their lowest possible average cost C) a situation in which resources are allocated such the last unit of output produced provides a marginal benefit to consumers equal to the marginal cost of producing it D) a situation in which firms produce as much as possible
When the supply curve shifts to the left and there is no change in demand:
A. the equilibrium price will rise. B. the market cannot reestablish an equilibrium. C. the equilibrium price will fall. D. the equilibrium quantity will rise.
A period of time in which an individual is continuously unemployed is called an unemployment
A. participation period. B. duration. C. spell. D. rate.