One reason the supply of carpenters is greater than the supply of physicians is because:
A. carpenters demand less income.
B. physicians do not belong to a union.
C. of differences in human capital.
D. carpenters belong to unions.
Answer: C
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Tom is a U.S. citizen. He took up a job and moved to the U.K. His income will lead to a(n) ________
A) decrease in the GDP of U.K. B) increase in the GNP of U.K. C) increase in the GDP of U.S. D) increase in the GNP of U.S.
If the demand function for a particular good is Q = 20 ? 8P, then the price elasticity of demand (in absolute value) at a price of $1 is:
A. 1/8. B. 2/3. C. 8. D. 2.
In the market for saving, the price is the:
A. relative price. B. nominal interest rate. C. inflation rate. D. real interest rate.
Refer to the graphs below. They show the long-run average total cost (LRATC) for a product. For which graph would a firm NOT be experiencing diseconomies of scale?
A. Graph A
B. Graph B
C. Graph C
D. Graph D