Which of the following does NOT cause a shift in demand?
A) change in income
B) change in tastes
C) change in the price of the good
D) change in the price of a related good
Answer: C
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When an economy is on the balanced growth path, the growth rate of real GDP per capita is determined by the growth rate of
A) convergence. B) capital accumulation. C) total factor productivity. D) the labor force.
Inflation targeting involves public disclosure of each of the following, except ________
A) policy makers' plans and objectives B) explanation of discrepancies between target inflation and actual inflation C) the federal government debt ceiling D) projections of macroeconomic conditions
The closer monopolistic competition gets to perfect competition
a. the more vertical the AR curve. b. the more horizontal the AR curve. c. the greater the difference between AR and MR. d. the greater the profit.
Which case below best represents a case of third-degree price discrimination?
A. A professional baseball team pays two players with identical batting averages different salaries. B. A utility company charges less for electricity used during "off-peak" hours, when it does not have to operate its less-efficient generating plants. C. An insurance company offers discounts to safe drivers. D. A major airline sells tickets to senior citizens at lower prices than to other passengers.