A determinant of the price elasticity of demand is
A) whether the good is a durable or a nondurable.
B) the availability of resources used in the production of the product.
C) how well consumers like the good.
D) the proportion of the consumer's total budget spent on the good.
D
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Wage differences among workers of different races and gender could be due to all of the following except
A) differences in preferences for jobs. B) labor unions. C) differences in work experience. D) differences in education.
Non-cooperative sequential games can incorporate all the following features except
a. a single decision-maker in the endgame b. no communication c. finite or infinite time periods d. third-party enforceable agreements e. an explicit order of play
Consider the AD/AS model. The interest rate effect is reflected on the _______ and when the price level _________________
a. AS curve; rises, people feel poorer and buy less b. AS curve; rises, goods become more expensive and foreigners buy less c. AS curve; rises, interest rates fall, and people buy less d. AD curve; rises, interest rates rise, and people buy less e. AD curve; falls, interest rates fall, and people buy less
The United States has had a long history of work time lost due to worker strikes. This trend has
a. increased over time. b. decreased over time. c. stayed relatively constant during the past century. d. been less of a problem compared to other countries such as Japan.