Recall the Application. If consumer income in China increased and as a result the demand for pecans decreased, this would indicate that in China, pecans would be considered ________ goods
A) complementary B) normal C) substitute D) inferior
D
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The euro is
A) the currency of all nations in Europe. B) the rate at which the French central bank makes discount loans. C) a common currency of many European countries. D) the name of the European central bank.
Firm A is a monopsonist that faces a labor supply elasticity of 2.4 whereas Firm B is a monopsonist that faces a labor supply elasticity of 1.4. Which of these monopsonists pays a higher wage?
A) Firm A B) Firm B C) They both pay the same. D) It is impossible to tell which pays a higher wage.
The slope of the production function reflects
a. capital expenditures. b. government expenditures. c. Constant returns to labor. d. Increasing returns to labor. e. Diminishing returns to labor.
The typical welfare family would be
A. A single woman with 6 or 8 children. B. A single woman with 1 or 2 children. C. A couple about 70-80 years old. D. A childless male in his 30s or 40s.