In the above figure, which movement illustrates the impact of a falling price level and a constant money wage rate?
A) E to I
B) E to F
C) E to J
D) E to H
A
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All of the following would shift a product's demand curve except a(n): a. increase in the price of the product
b. decrease in consumer income. c. increase in the price of a substitute. d. increase in the price of a complement.
According to the Heckscher-Ohlin model:
a. a relatively labor scarce country produces labor intensive goods. b. the labor productivity varies across different countries. c. the technological advancement varies across countries. d. the taste and preference patterns of the consumers are not similar across the countries. e. a capital abundant country exports sophisticated, manufactured products.
Fixed costs can be defined as costs that
a. vary inversely with production. b. vary in proportion with production. c. are incurred only when production is large enough. d. are incurred even if nothing is produced.
The Coase theorem reminds us that efficiency is all about ________ and says nothing about ________.
A. who gets the most surplus; whether that's a fair outcome B. maximizing total surplus; the distribution of that surplus C. equitably distributing surplus; maximizing that surplus D. None of these statements is true.