Which of the following is a determinant of supply?
A) tastes and preferences of consumers
B) technology
C) consumer income
D) number of consumers
B
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In the short run, a firm cannot change the amount of capital it uses. Therefore the cost of capital is a
A) short-run cost. B) variable cost. C) productivity cost. D) fixed cost. E) marginal cost.
Which of the following observations is not true of a budget line?
A. It indicates what choices are available to the consumer. B. It is a curve of constant expenditure. C. Its slope reports the market terms on which the consumer can trade one good for another. D. It helps examine the consumer’s preferences.
The flaw of the Real Business Cycle model is that it
A) assumes away output fluctuations. B) assumes complete wage rigidity. C) assumes unrealistic fooling of workers. D) requires procyclical wage movements and continuous labor market equilibrium.
Refer to the above figure. Profits will be positive
A) when the price equals $1. B) when the price equals $2. C) at prices between $1 and $2. D) when the price is above $2.