Generally, expenses on toothpaste are a small part of a consumer's budget, so the demand for toothpaste is more likely to be
A. elastic.
B. perfectly elastic.
C. unit elastic.
D. inelastic.
Answer: D
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If a hurricane were to wipe out the majority of the eastern seaboard in the United States:
A. neither the short-run nor long-run aggregate supply curves would be affected. B. only the long-run aggregate supply curve would shift left. C. only the short-run aggregate supply curve would shift left. D. the long-run and short-run aggregate supply curves would both shift left.
How can crime and punishment be modeled as a principal-agent problem? What does the model suggest about crime prevention?
What will be an ideal response?
Which of the following best represents government saving?
A) T - (G + TR) B) (Y - TR) + I C) (Y - C - G - NX) D) (Y + TR - T) + C
Under monopsony, marginal factor cost
A) is downward sloping. B) is less than the wage rate, although it increases as more workers are hired. C) equals the wage rate. D) is greater than the going wage rate.