Forecasts of an inevitable exhaustion of essential natural resources are "simply beside the point" because higher prices
a. reduce quantity demanded.
b. stimulate supply.
c. stimulate alternative technology.
d. All of the above are true.
d
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Suppose the production function for T-shirts can be represented as q = L0.25K0.75. Show that the marginal productivity of labor diminishes in the short run
What will be an ideal response?
The marginal propensity to save is:
a. the change in saving divided by the change in disposable income. b. the change in disposable income divided by the change in saving. c. saving divided by disposable income. d. disposable income divided by saving. e. saving divided by consumption.
What factors can cause the labor supply curve to shift?
One reason stagflation is difficult to recover from is because:
A. less output requires less inputs to be hired. B. prices tend to adjust more quickly downward than upward. C. wages are sticky downward. D. input prices increase with output prices.