Which of the following is not considered an economic resource?
A. Real estate
B. A personal relationship
C. Cash
D. These are all examples of a resource.
D. These are all examples of a resource.
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Which of the following is likely to happen if the level of technology used in an economy improves, assuming all else equal?
A) The economy's labor demand curve will shift to the right. B) There will be a downward movement along the labor demand curve. C) The economy's labor demand curve will shift to the left. D) There will be an upward movement along the labor demand curve.
Monetary policy is primarily exercised by:
a. Congress. b. the President. c. the Federal Reserve. d. the Treasury Department.
An empirical study determines that price exceeds marginal cost at the levels of output of firms in long-run equilibrium in the widget industry. The widget industry may therefore
a. be monopolistically competitive. b. have firms whose goal is sales maximization. c. have firms that act as price leaders. d. All of the above are correct.
Consider the market for portable air conditioners in equilibrium. When a heat wave strikes the equilibrium price
a. and quantity both decrease. b. and quantity both increase. c. increases, and the equilibrium quantity decreases. d. decreases, and the equilibrium quantity increases.