If the price of good X is $90 and the price of good Y is $30, it follows that the relative price of one unit of good Y is ___________ unit(s) of good X
A) 0.33
B) 1.33
C) 3.00
D) 2.00
E) There is not enough information to answer the question.
A
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If the long-run real interest rate falls, ________
A) unemployment increases B) investment by firms decreases C) the demand for loans decreases D) investment by firms increases
Mr. McConaughey has the afternoon, 5 hours, to spend doing whatever he wants. How much time does Mr. McConaughey spend with his friends and family and how much time does he spend breaking a sweat to maximize his total utility?
A) 3 hours with friends and family and 2 hours breaking a sweat B) 2 hours with friends and family and 3 hours breaking a sweat C) 0 hours with friends and family and 5 hours breaking a sweat D) 3 hours with friends and family and 4 hours breaking a sweat
Explain the time dimension as it relates to elasticity. Be sure to include in your answer the difference in elasticity between the short run and the long run
What will be an ideal response?
Before the Great Depression, economists applied microeconomic models to economy-wide problems.
Answer the following statement true (T) or false (F)