Which of the following is NOT true of a demand curve?
A. It reflects sellers' reservations prices.
B. It shows the amount consumers want to buy at various prices.
C. It has negative slope.
D. It relates the price of an item to the quantity demanded of that item.
Answer: A
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Suppose the market for bottled water is served by two oligopolists. If they reach an agreement to restrict production and charge a price above marginal cost, then:
A. neither firm will have an incentive to cheat on the agreement since it benefits them both. B. they will earn a larger profit than a monopolist would have earned. C. they will charge a higher price than a monopolist would have charged. D. their agreement is likely to eventually collapse.
The observation that countries with high rates of population growth don't have higher per capita income ________
A) suggests that the Solow model is unrealistic B) implies that technology doesn't work as well in countries where the population is growing rapidly C) is not supported by most empirical studies D) is consistent with the Romer model as applied to the world as a whole
The costs of recruiting new employees, training the new employees, and suffering the initial low productivity of new employees when old employees leave are called
A. benchmark wages. B. efficiency wages. C. turnover costs. D. marginal costs of long-term training.
Which of the following statements describes what most likely occurred in this economy?
a. A decrease in consumer optimism shifted AD1 to AD2.
b. A recessionary gap resulted due to the shift from RGDPNR to RGDP2.
c. There was a temporary positive shock to demand-side forces.
d. Unemployment rose above the natural rate of unemployment.