Which of the following is a transfer payment?I.Social SecurityII.Unemployment benefits
A. I only
B. II only
C. Both I and II
D. Neither I nor II
Answer: C
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Suppose you are given the following demand data for a product.PriceQuantity Demanded$1030940850760670The price elasticity of demand (based on the midpoint formula) when price increases from $8 to $10 is
A. -.63. B. -2.25. C. -1.60. D. -1.16.
Say's Law refers to the concept that: a. increases in aggregate demand create unionization. b. demand creates its own supply
c. supply creates its own demand. d. flexible wages affect price levels.
The relationship between advertising and product differentiation is
a. positive; the more differentiated the product, the more a firm is likely to spend on advertising. b. negative; the more differentiated the product, the less a firm is likely to spend on advertising. c. zero; there is no relationship between product differentiation and advertising. d. irrelevant; firms with differentiated products do not need to advertise.
A perfectly competitive industry is in long-run equilibrium. If demand for the product decreases, we can expect:
A. firms to enter the market. B. firms to exit the market. C. no change in the number of firms in the market. D. There is not enough information to tell what will happen to the number of firms in the market.