If demand price elasticity measures 2, this implies that consumers would:
a. buy twice as much of the product if the price drops 10 percent.
b. require a 2 percent drop in price to increase their purchases by 1 percent.
c. buy 2 percent more of the product in response to a 1 percent drop in price.
d. require at least a $2 increase in price before showing any response to the price increase.
e. buy twice as much of the product if the price drops 1 percent.
c
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In the Keynesian model, a firm's high menu costs cause
A) real-wage rigidity. B) full employment. C) price stickiness. D) efficiency wages.
A firm that exists as a separate legal being is
a. a sole proprietorship b. a corporation c. a partnership d. likely to be a small, family-run business e. still dependent on its owners in many ways
Suppose a shipping company required all applicants to lift fifty-pound boxes on and off a truck for an hour to test their strength and endurance and suppose that resulted in 50-out-of-100 male applicants to be hired and 10-out-of-100 female applicants to be hired. If this test measured the performance required on the job, then this would be an example of
A. disparate treatment discrimination. B. comprehensive discrimination. C. adverse impact discrimination. D. statistical discrimination.
Farm programs such as those maintained by the European Union (EU) and the United States:
A. Aid developing nations by creating a large market for agriculture B. Decrease the incomes of farmers in EU nations and in the United States C. Improve efficiency in the allocation of agricultural resources D. Distort world trade in agricultural products