Refer to the graph shown. Which supply curve is perfectly inelastic?
A. A
B. B
C. C
D. D
Answer: D
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If both demand and supply increase, what will be the effect on the equilibrium price and quantity?
A) Both the price and the quantity will increase. B) The quantity will increase but the price could either rise, fall, or remain the same. C) The price will fall but the quantity will increase. D) The price will rise but the quantity could either increase, decrease, or remain the same.
Which of the following is a normative economics statement?
a. An increase in the minimum wage will reduce teenage employment. b. Increasing the minimum wage will result in more votes for progressive candidates. c. Raising the minimum wage would greatly increase labor costs in certain industries. d. Raising the minimum wage is a poor idea because living wage laws are better.
If the demand for the finished product increases, the:
a. demand for the resources will increase. b. demand for the resources will decrease. c. marginal factor cost will increase. d. marginal factor cost will decrease. e. MP will increase.
Suppose that Argentina's dollar-denominated external assets and liabilities are $10 billion and $100 billion, respectively, and its Argentine peso-denominated external assets and liabilities are each 50 billion pesos (P). Suppose further that Argentina fixes its exchange rate at P1 = $US1. What is the peso value of Argentina's total external wealth?
A) -60 billion pesos B) -150 billion pesos C) -0 billion pesos D) -90 billion pesos