If the cross price elasticity of two goods is -3.5, then
A) these two products are relatively elastic substitutes.
B) these two products are relatively inelastic substitutes.
C) these two products are relatively elastic complements.
D) these two products are relatively inelastic complements.
C
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The workers per retiree ratio
A. had been above 16 prior to 1950 and is now around 1. B. had been above 16 prior to 1950 and is now around 10. C. had been above 16 prior to 1950 and is now around 20. D. had been above 16 prior to 1950 and is now around 3.
Which of the following would not be included in the calculation of accounting profit?
A. The rent paid by the owner for the use of a building. B. The salary the owner could have earned working elsewhere. C. The medical insurance coverage for the company's workers. D. The wages paid to the company's workers.
The presence of market failures implies that:
A. money is not an effective tool for exchange in a market system. B. there is an active role for government, even in a market system. C. individuals and firms should strive to be self-sufficient rather than specialize. D. command systems are superior to market systems in the allocation of resources.
Unions might support a higher minimum wage because:
A. their constitutions obligate them to do so. B. they feel a higher minimum wage will lower labor's tax payments for welfare programs. C. a higher minimum wage makes less-skilled workers less substitutable for union workers. D. the minimum wage is better targeted than are alternative income-maintenance programs.