Unexpected high inflation redistributes wealth from:
A. those who save to those who borrow.
B. those who borrow to those who save.
C. those who borrow to banks.
D. banks to those who save.
A. those who save to those who borrow.
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See Scenario 4.1. Holding Daniel's income and Pd constant at $240 and $3 respectively, what is Daniel's demand curve for cake?
A) Qc = 240 - Pc B) Qc = 240/Pc C) Qc = 120/Pc D) Qc = 240/(3 + Pc) E) none of the above
Refer to Scenario 14.4. Suppose that a tax is imposed on each unit of the product that John produces. Which curve will shift?
A) Marginal product of labor B) Marginal revenue product of labor C) The supply of labor D) All of the above will shift due to the tax on output.
If the quantity of a good supplied is highly sensitive to the price of the good, economists say the supply of the good is relatively
a. inelastic. b. elastic. c. robust. d. inverse.
The government considers a market to be unconcentrated if its HHI number is less than ____, and highly concentrated if that number exceeds ____.
A. 1,000; 2,500 B. 100; 9,000 C. 50; 500 D. 500; 1,300