Which of the following is a nonrenewable resource?
A) residential land
B) sunshine
C) a machine tool
D) oil
D
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Which statement is an example of substitute goods affecting demand?
a. A bumper crop of cotton lowers the price of cotton clothing. Sales of silk shirts decrease. b. As laptop computer sales increase, so do the sales of computer cases. c. An automobile maker lays off thousands. Sales of electronic goods in that city fall. d. Hi-tech companies lure people to a region. Demand for housing rises.
When the real interest rate falls, there is
A) an upward shift of the consumption function. B) an increase in the slope of the consumption function. C) a movement upward along the consumption function. D) a decrease in the slope of the consumption function. E) a downward shift of the consumption function.