"Ceteris paribus" means
A) "invisible hand."
B) "other things equal."
C) "making all the necessary changes."
D) "at the aggregate level."
Answer: B
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Which of the followings does NOT describe the money market in the ISLM model?
A) money demand function B) investment function C) money market equilibrium condition D) money supply
If a good is normal and its price decreases,
a. the income effect will be positive and the substitution effect will be positive. b. the income effect will be negative and the substitution effect will be negative. c. the income effect will be positive and the substitution effect will be negative. d. the income effect will be negative and the substitution effect will be positive.
A "war on drugs" is waged, and, as a result, a larger quantity of drugs flowing into the United States is seized and more drug traffickers are arrested. If demand for drugs is relatively elastic, one would expect the total expenditure on drugs to: a. decrease
b. increase. c. stay constant. d. There is not enough information available to make a determination.
Comparable worth is the principle that:
A. goods and services priced the same have about the same worth. B. the wage rate equals the value of productivity. C. men and women should be paid comparably. D. employees who perform comparable jobs should be paid the same wage.