TRUE OR FALSE
1) Economists use the term capital to describe that factor of production that includes human-made resources such as factories, buildings, machinery and tools.
2) A change in the price of hamburgers will shift the supply curve for hot dogs
3) If the price of hamburger rises, we would expect the demand for steak to shift to the right.
4) An increase in real consumer income will shift both the supply and demand curves.
5) Rent controls encourage investment in housing because they bring stability to the market.
6) Price ceilings are designed to protect sellers, while price floors are designed to protect buyers.
7) If aggregate demand keeps shifting rightward month after month and aggregate supply remains constant, the economy will experience a recession.