According to Nakamura and Steinsson's research, prices are ________ sticky than Bils and Klenow found because the latter failed to account for ________
A) more; sales
B) more; taxes
C) less; taxes
D) less; sales
A
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International trade has strong effects on income distributions. Therefore, international trade
A) will tend to hurt some groups in each trading country. B) is beneficial to everyone in both trading countries. C) will tend to hurt one trading country. D) will tend to hurt everyone in both countries. E) will be beneficial to all those engaged in international trade.
A business owner makes 50 items a day. She spends 8 hours in producing those items. If hired elsewhere she could have earned $10 an hour. The item sells for $10 each. Production occurs seven days a week. If the explicit costs total $10,000 a month the economic profit for the month equals:
a. $2,600 b. $2,240 c. $11,760 d. $5,000
The market demand curve is ____ and the demand curve for a single firm in a competitive market is ____
A) horizontal, horizontal B) downward sloping, horizontal C) downward sloping, downward sloping D) horizontal, downward sloping
Which of the following statements concerning efficiency is correct?
a. If a toll road is heavily used so that traffic movement is slowed, the price per vehicle should be reduced since the road is generating more revenue. b. Economists advocate high prices for abundant resources and low prices for scarce resources. c. If a toll road is heavily used and traffic movement is difficult, the price per vehicle should be increased to shift some traffic to less-crowded roads. d. None of the above is desirable in promoting efficient use of scarce road space.