Would it take longer for a labor market to move to a new equilibrium for house painters or architects? Why?
What will be an ideal response?
It would take longer for the market for architects to move to a new equilibrium, other things being equal. It takes more time in training to become an architect, and the knowledge one has is more specialized. Hence, it would take longer for the increase in quantity supplied to reach a new equilibrium after an increase in demand for architects than for house painters. For a decrease in demand, house painters can find similar jobs at similar pay more easily than can an architect.
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List factors that increase the price elasticity of supply
What will be an ideal response?
The difference between the loss of surplus to taxpayers and the tax revenue collected is called:
A. an externality. B. deadweight loss. C. consumer surplus. D. producer surplus.
(Interest Rate, Planned investment in billions): (3%,$400) (6%,$360), (9%, $320), (12%, $280), (15%, $240), (18%, $200): If the interest rate dropped from 15% to 6%, planned investment would ________ by $________ billion.
A) increase; 120 B) increase; 180 C) decrease; 120 D) decrease; 180
All of the following have contributed to increased use of ATMs EXCEPT:
A) some banks charging customers for services performed by tellers than can be done by ATMs B) some banks closing branches in low-income neighborhoods C) ease by which customers can make use of ATMs to make deposits and withdrawals D) increased use of debit cards for transactions