The demand curve for a Giffen good is
A) non-existent. B) upward sloping.
C) non-linear but downward sloping. D) vertical.
B
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Per-capita income of a country is determined by ________
A) multiplying its gross domestic product by the total number of goods produced during that year. B) dividing its gross domestic product by the total population of the country during that year. C) multiplying its gross domestic product by the total population of the country during that year. D) dividing its gross domestic product by the total number of goods produced during that year.
How does the elasticity of demand for labor affect the deadweight loss from an increase in the minimum wage? Why?
What will be an ideal response?
The market for maple syrup is perfectly competitive. Suppose that the market is in long-run equilibrium when the market demand for maple syrup increases. What happens in the short run?
A) Firms will enter the market. B) Some of the existing firms shut down. C) The firms decrease production. D) The firms increase production.
A flat IS curve implies that
A) an increase in money supply will change output by a relatively small amount. B) a decrease in taxes will change output by a relatively large amount. C) changes in money supply will have large multiplier effects on output. D) A and B.