Input demand is derived demand in the sense that it is dependent upon the productivity of the input.
Answer the following statement true (T) or false (F)
False
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At long-run equilibrium inflation ________ and output equals ________.
A. equals the value determined by part expectations and pricing decisions; the level of short-run equilibrium output consistent with that inflation rate B. is stable; potential C. equals the value consistent with potential output; the level of output consistent with zero inflation D. equals the value determined by past expectations and pricing decisions; potential
In terms of technological progress, economists interpret this as meaning an economy operates more efficiently by producing more output without using any more inputs
Indicate whether the statement is true or false
The slope of an indifference curve at all points reflects
a. the terms by which the consumer can trade off goods in the market. b. the relative prices of the two goods. c. the willingness of the consumer to trade one good for another. d. consumer income relative to the price of a good. e. the relative price ratio of the two goods.
According to the crude quantity theory of money, if M rises by 10%, V will
A. fall by 10%. B. fall by less than 10%. C. stay the same. D. rise by less than 10%.