Refer to the above table. Demand is unit elastic between the prices of
A. $6.00 and $7.00.
B. $5.00 and $10.00.
C. $6.00 and $6.50.
D. $7.00 and $7.50
Answer: C
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Economist believe that most short-run fluctuations are the result of:
A) Unexpected changes in the availability of imported resources B) Supply shocks C) Demand shocks D) Negative supply shocks
The actual incidence of payroll taxes, in the consensus view, is:
A. Split evenly between the worker and the employer B. More on the employer than on the worker C. More on the worker than on the employer D. All on the employer, who remits the tax to the government
Which of the following is true?
A) The gap between the income per capita of U.S and the income per capita of poorer countries is small when exchange rate-based measures are used. B) The gap between the income per capita of U.S and the income per capita of poorer countries is large when PPP-based measures are used. C) Exchange rate-based measures of income per capita are identical to PPP-based measures. D) Exchange rate-based measures of income per capita differ from PPP-based measures of income per capita.
The cost, c, of a college education that serves only as a signal of a high-quality worker is $20,000. The wage of a known high-quality worker, wh, is $75,000. The wage for a known low-quality worker, w1, is $50,000
For what value of the share of the work force that is of high quality, t, is a pooling equilibrium possible?