Which of the following is most likely to reduce the nominal market wage in a job category?
a. The job is widely viewed as dangerous.
b. The job is prestigious, and the work is quite interesting.
c. The job requires employees to work the night shift from 11 p.m. to 7 a.m.
d. The job requires employees to move from city to city quite often.
b. The job is prestigious, and the work is quite interesting.
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The following table provides data for an economy in a certain year. Consumption expenditures1,000Imports600Government purchases of goods and services700Construction of new homes and apartments500Sales of existing homes and apartments600Exports500Government payments to retirees200Household purchases of durable goods300Begining-of-year inventory500End-of-year inventory600Business fixed investment300Given the data in the table, compute the value of GDP.
A. 2,700 B. 2,400 C. 2,500 D. 2,600
Price ceilings are illegal in the United States
Indicate whether the statement is true or false
The profit-maximizing monopolist will never operate in a price range over which
A. P > MC. B. demand is inelastic. C. P > MR. D. the demand curve slopes downward.
If there is no change in demand that will cause a change in the price, then the supply for the good is
A. inelastic. B. perfectly elastic. C. perfectly inelastic. D. perfectly unit elastic.