In order to minimize the cost of producing a given level of output, a firm manager should use more inputs when:
A. that input's price falls.
B. that input's price rises.
C. the prices of other inputs fall.
D. that input's price remains the same.
Answer: A
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A decrease in the level of real GDP in the economy leads to
A) a leftward shift in the demand for money curve. B) a rightward shift in the demand for money curve. C) a leftward movement along the demand for money curve. D) a rightward movement along the demand for money curve.
Utility is:
a. easily measured, because all people derive the same utility from consumption. b. easily measured, because it is an objective concept. c. easily measured, because it is a subjective concept. d. hard to measure, because it is a subjective concept. e. hard to measure, because it is an objective concept.
If the government wants to raise tax revenue and shift most of the tax burden to the sellers it would impose a tax on a good with a
a. flat (elastic) demand curve and a steep (inelastic) supply curve. b. steep (inelastic) demand curve and a flat (elastic) supply curve. c. steep (inelastic) demand curve and steep (inelastic) supply curve. d. flat (elastic) demand curve and a flat (elastic) supply curve.
Often, improvements in technology can:
A. continuously increase the productivity of workers. B. lead to more improvements in technology. C. lead to sustainable rates of growth in income for a country. D. All of these are true.