The number of people employed in the competitive market depicted in Figure 30.2 at a wage of $20.00 per hour is
A. 160.
B. 192.
C. 180.
D. 0.
Answer: A
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Consumers who clip and redeem discount coupons ________.
A. exhibit the same price elasticity of demand for a given product than consumers who do not clip and redeem coupons B. exhibit a relatively higher price elasticity of demand for a given product than consumers who do not clip and redeem coupons C. cause total revenue to decrease for firms that issue coupons for their products D. exhibit a relatively lower price elasticity of demand for a given product than consumers who do not clip and redeem coupons
If the economy experiences an inflationary gap, a contractionary monetary policy will
A) increase interest rates and increase the bond prices. B) increase interest rates and decrease the bond prices. C) decrease interest rates and increase the bond prices. D) decrease interest rates and decrease the bond prices.
Which is the most accurate statement?
A. The gold standard does not work in theory or practice. B. The euro is the official currency in every European country. C. There is virtually no difference between the gold standard and the gold exchange standard. D. At one time an ounce of gold was worth $35.
If there is a decrease in industry supply while the industry demand curve remains the same, then an individual firm in a perfectly competitive industry currently earning losses will see its losses
A. increase. B. decrease. C. not change. D. impossible to determine