In a free market for depletable natural resources, any shortage where there is an excess of quantity demanded over quantity supplied must be
a. expected as a matter of course.
b. due to a price floor.
c. the result of discovery of new deposits of the resources.
d. artificial.
d
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Refer to Figure 7.1. Start from initial equilibrium. If firms increase their capital stock, the new real wage could be ________ and the new amount of labor employed could be ________
A) X; A B) Z; A C) X; C D) Z; C
Goods produced in the United States and sold in other countries are called
A) imports. B) foreign goods. C) capital goods. D) exports. E) capital account goods.
The consumption function shows the relationship between:
a. planned consumption expenditures and disposable income. b. permanent income and savings. c. business inventory and real GDP. d. aggregate demand and aggregate consumption.
Refer to the above table. The marginal utility of the 5th movie for Rosie is
A. 50 units of utility. B. 60 units of utility. C. 70 units of utility. D. 400 units of utility.