The "other things being equal" clause in the law of demand does not allow which of the following factors to change?
a. Consumer income. b. The prices of other goods.
c. Consumer tastes and preferences. d. All of these.
d
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What is meant by the term "human capital"?
What will be an ideal response?
In June of 2010, the government had a debt of about $8.6 trillion. Over the next year real GDP grew by about 1.6% and inflation was about 2%. What is the largest deficit the government could have run over this time without raising the debt-to-GDP ratio?
a. about $68.8 billion b. about $137.6 billion c. about $275.2 billion d. about $309.6 billion
In the case of a specific tax the resulting price received by producers depends on
A) who pays the tax. B) the price elasticity of supply. C) the price elasticity of demand. D) All of the above.
As the baby boomers in America grow old, how would the market for health-care workers be affected?
A. Supply increases and wages decrease. B. Supply decreases and wages increase. C. Demand decreases and wages decrease. D. Demand increases and wages increase.