Economists have:
A. defined money broadly but still only measure currency in circulation.
B. one specific measure of the supply of money.
C. no systematic way of measuring the supply of money.
D. several different measures of the supply of money.
Ans: D. several different measures of the supply of money.
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If the elasticity of demand for a product equals 3 and the supply is perfectly elastic, then if a tax is imposed on this product,
A) the buyer pays all the tax. B) the seller pays all the tax. C) the buyer pays 3/4 of the tax. D) the seller pays 3/4 of the tax. E) the buyer pays 4/3 of the tax.
In the above figure, if there is no minimum wage, the equilibrium employment is ________; if the government imposed a minimum wage of $8 per hour, employment is ________
A) 4,000 hours; 2,000 hours B) 3,000 hours; 4,000 hours C) 3,000 hours; 2,000 hours D) 4,000 hours; 3,000 hours
The tolerance of bribe-taking by government officials
A) reduces economic uncertainty because all investors are aware of the practice. B) reduces economic efficiency because rules governing property rights are not regularly enforced. C) reduces government expenditures because public employees can be paid less. D) reduces the need for government to impose taxes on poor people.
Game theory is used in a number of areas in economics. What is the primary reason that it is used in analyzing oligopoly type market structures?
a. The firms are producing a similar product b. The firms are producing differentiated products c. The demand curve facing the oligopolistic firms is perfectly inelastic d. The mutual interdependence of firms in industries with a small number of firms e. The demand curve the oligopolistic firm faces is downward sloping