Which of the following items is likely to have the highest positive income elasticity of demand?
a. Bread
b. Jewelry
c. Soap
d. A plumber's service
e. Table salt
b
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Suppose that there is an excess supply of economics professors. Should universities necessarily reduce salaries? What does standard economic theory suggest? What does efficiency-wage theory suggest?
A goldsmith with 200 gold coins in his safe who keeps writing more and more goldsmith's receipts is
A. raising his reserve ratio and raising the money supply. B. raising his reserve ratio and lowering the money supply. C. lowering his reserve ratio and raising the money supply. D. lowering his reserve ratio and lowering the money supply.
Exhibit 3 Demand and cost curves for GeneTech, a monopolist with a patented vaccine
In Exhibit 9-3, what is the maximum hourly profit that GeneTech can earn from its vaccine?
A. $1,500. B. $3,000. C. $4,500. D. $10,500.
A nation's account with the International Monetary Fund denominated in special drawing rights is
A. the account at the World Bank. B. portfolio investment. C. the account at the Fed. D. the quota subscription.