Liabilities are:
A. anything of value one owns.
B. current income minus spending on current needs.
C. the debts one owes.
D. saving minus investment.
Answer: C
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When an equal percentage increase in the factors of production raises real GDP by the same percentage, the production function has the characteristic known as
A) constant returns to scale. B) constant marginal productivity. C) diminishing marginal productivity. D) increasing returns to scale.
If the demand for high definition televisions increases and the supply of high definition televisions increases, then
A) it is clear that prices will increase; the change in the quantity of televisions sold is ambiguous. B) it is clear that prices will decrease; the change in the quantity of televisions sold is ambiguous. C) it is clear that quantity sold will increase; the change in the price of televisions is ambiguous. D) it is clear that quantity sold will decrease; the change in the price of televisions is ambiguous.
Which of the following statements is true regarding potential information problems faced by consumers?
a. Sellers have little incentive to inform customers about their products. b. The market provides consumers with a strong incentive to acquire information. c. Information problems tend to be most problematic for items consumers purchase regularly. d. In markets, people make all decisions with full information.
Other things the same, if the U.S. price level rises, then
a. the supply of dollars in the market for foreign-currency exchange increases, and net exports fall. b. the supply of dollars in the market for foreign-currency exchange increases, and net exports rise. c. the supply of dollars in the market for foreign-currency exchange decreases, and net exports fall. d. the supply of dollars in the market for foreign-currency exchange decreases, and net exports rise.