The production-possibility curve alone does not provide enough information to determine the amount of each good produced by the economy.
Answer the following statement true (T) or false (F)
True
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Other things constant, an increase in the demand for bicycles will
a. decrease the price of bicycles. b. decrease the quantity of bicycles bought and sold. c. decrease the demand for bicycle workers and lower their wages. d. increase the demand for bicycle workers and increase their wages.
A shift in short-run aggregate supply from SRAS2 to SRAS1 could have been the result of
A. a decrease in the price level. B. an increase in the price level. C. an increase in wage rates. D. a decrease in wage rates.
The transaction demand for money is most clearly related to its use as a
A. medium of exchange. B. standard of value. C. measure of value. D. store of value. E. standard of deferred payment.
When the price of a soft drink from the campus vending machine was $0.60 per can, 100 cans were sold each day. After the price increased to $0.75 per can, sales dropped to 85 cans per day. Over this range, the absolute price elasticity of demand for soft
drinks was approximately equal to A) 0.15. B) 0.60. C) 0.73. D) 1.67.