To assess whether or not a good is normal or inferior, economists are interested in the cross price elasticity of demand
a. True
b. False
Indicate whether the statement is true or false
False
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According to Alfred Chandler, large vertically integrated firms dominated much of American manufacturing in the early 1900s because
a. U.S. manufacturers sought to emulate the production practices of European manufacturers. b. U.S. tax laws created strong incentives for vertical integration. c. continuous-flow technologies were cost minimizing only when the inflow of inputs and the sale of outputs proceeded without interruption. d. larger firms were better able to fight the establishment of labor unions and collective bargaining arrangements.
A leftward shift of the Japanese demand curve for foreign exchange will
a. increase the price of foreign exchange in Japan b. decrease the value of the yen c. make foreign goods more expensive in terms of yen d. make foreign goods less expensive in terms of yen e. make Japanese goods less expensive in terms of foreign exchange
The short-run equilibrium position for a firm in monopolistic competition is the point at which the firm's marginal-cost curve intersects its marginal-revenue curve from above
a. True b. False Indicate whether the statement is true or false
The real power within the Federal Reserve lies with the
A) Federal Reserve District banks. B) Board of Governors. C) Council of Economic Advisors. D) Council of Monetary Advisors.