If the price of a product increases, we would expect
A) the level of demand to decrease.
B) quantity supplied to increase.
C) the level of supply to increase.
D) an increase in quantity demanded.
B
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The price elasticity of supply increases as firms have more time to adjust
Indicate whether the statement is true or false
A die is rolled. The individual rolling the die will receive the number that lands in dollars (i.e. if it lands 1, they receive $1, if it lands two, they receive $2, etc). The expected value of the die roll is
a. $1.00 b. $2.25 c. $3.50 d. $6.00
If autonomous consumption rises by $20 and, as a result, Real GDP rises by $200, then the multiplier is
A) 4. B) 5. C) 6. D) 10. E) none of the above
The law of increasing relative costs is due to
A) taxes. B) scarcity. C) the fact that it is more difficult to use resources efficiently the more society produces. D) the fact that resources not are perfectly adaptable for alternative uses.