A worker is hired in a
A) goods and services market. B) government market.
C) product market. D) factor market.
D
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Competitive markets will generally produce
A) too much of a public good. B) too little of a public good. C) the efficient amount of a public good. D) the efficient amount of a public good in the short run, but not in the long run.
Unemployment is good from a social point of view because
A) it keeps wages in check. B) it allows for better matches between workers and firms. C) it provides free time. D) it keeps the least efficient workers out.
The cross price elasticity of demand between two goods is 50. We may conclude that
A) the two goods are very complementary and probably are sold together. B) the two goods are poor substitutes for each other. C) the demand for one of the goods is likely to be fairly elastic and the demand for the other good is likely to be fairly inelastic. D) the demand for each of the goods is likely to be very elastic.
Which of the following is an important goal of the price index?
a. to show current GDP in dollars of inflated purchasing power b. to show current GDP in physical units of inflated purchasing power c. to show real GDP in dollars of constant purchasing power d. to show real GDP in physical units of constant purchasing power