The typical age-earnings cycle shows that
A. there is a constant negative relationship between age and earnings.
B. there is no relationship between age and earnings.
C. there is a positive relationship between age and earnings that eventually turns into a negative relationship.
D. there is a negative relationship between age and earnings that eventually turns into a positive relationship.
Answer: C
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A tax on a previously untaxed monopoly-produced good will necessarily lower total welfare if
A) the demand curve is relatively inelastic. B) the demand curve is relatively elastic. C) less than the socially optimum is produced before the tax. D) more than the socially optimum is produced before the tax.
The regulatory mechanism of the market system is:
A. self-interest. B. private property. C. competition. D. specialization.
The quantity demanded of baseball bats increased from 1,000 units to 1,100 units when its price fell from $20 per bat to $18 per bat. The price elasticity of demand for baseball bats is:
a. 1.43. b. 0.99. c. 1.73. d. 2.44.
What starts a demand-pull inflation?
What will be an ideal response?