The feasible means of converting raw inputs such as steel, labor, and machinery into an output are summarized by:
A. production.
B. land.
C. technology.
D. capital.
Answer: C
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Consider the demand curves for soft drinks shown in the figure above. A movement from point a to point c represents
A) a decrease in quantity demanded. B) an increase in demand. C) an increase in quantity demanded. D) a decrease in demand.
If goods X and Y are complements, then the cross price elasticity of demand between them will be
a. positive. b. negative. c. zero. d. infinity.
In the Spence education signaling model, what is the social value of education?
a. Employees improve their ability to perform on the job. b. Employers can use education as a screen to match talented employees with high-skill jobs. c. Employers can save the costs of on-the-job training, which is less efficient than a general education. d. It allows low-ability employees to apply for high-salary jobs.
The elasticity of demand for gasoline has been estimated to be 2.0, and the standard error is 1.0. The upper and lower bounds on the 95 percent confidence interval for the elasticity of demand for gasoline are:
A. 3 and 2. B. 3 and 1. C. 2 and 1. D. None of the statements is correct.