When the number of substitutes increase, the demand curve for a monopolist will
A) not change.
B) become more elastic.
C) become more inelastic.
D) become steeper.
B
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A fall in the price of flour, used in making cakes, is likely to:
A) increase the supply of cakes. B) decrease the quantity supplied of cakes. C) increase the quantity supplied of cakes. D) decrease the supply of cakes.
If you deposit $100 of currency into a demand deposit at a bank, this action by itself
a. does not change the money supply. b. increases the money supply. c. decreases the money supply. d. has an indeterminate effect on the money supply.
Human capital is defined as the
A. Knowledge and skills workers possess. B. Amount of machinery, factories, and buildings an individual owns. C. Dollar value of all the stocks and bonds an individual owns. D. None of the choices are correct.
Using Figure 1.5, if an economy is currently producing on PP2, which of the following would shift the production possibilities curve toward PP1?
A. A decrease in the amount of capital available. B. A decrease in the level of unemployment towards the normal level. C. An increase in the quantity of labor available. D. An advancement in technology.