Copyrights and trademarks are examples of:
A. capital goods.
B. human capital.
C. property rights.
D. public goods.
Answer: C
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There is a positive relationship between two variables if
A) neither variable moves. B) they move in the same direction. C) they move in opposite directions. D) one variable changes and the other does not.
Marvin loves chocolate truffles. As the price of a chocolate truffle increases from $1 to $2 to $3, Marvin continues to buy a dozen chocolate truffles every week. Marvin's demand for chocolate truffles is ________
A) elastic B) unit elastic C) illustrated by a horizontal demand curve D) perfectly inelastic
If Larry has budget constraint B in the graph shown, what is his opportunity cost of one gallon of milk?
This graph shows three different budget constraints: A, B, and C.
A. It is 6 cases of soda.
B. It is exactly one case of soda.
C. It is less than one case of soda.
D. It is more than one case of soda.
According to classical macroeconomic theory, if real GDP is below the full-employment level, then an increase in aggregate demand will result in which of the following changes in equilibrium?
a. Real GDP will rise, but the price level will remain constant. b. Real GDP and the price level will both rise. c. Real GDP will remain unchanged but the price level will rise. d. None of the above.