Differing productivities, differences in working conditions, and localized employer market power are some of the reasons which explain differences in individual wages
Indicate whether the statement is true or false
T
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If a 10 percent rise in the price of bananas leads to a 20 percent reduction in the quantity of bananas demanded, then the price elasticity of demand is 2.00
a. True b. False
Because a bank earns money when it makes a loan to a borrower it:
A. has an incentive to loan out as much of each deposit as it can. B. has more of an incentive to loan out money than take money in through deposits. C. has an incentive to borrow from the government as much as it can to loan out. D. needs to loan out more than it takes in through deposits to make money.
If the government allowed only one airline to serve the entire U.S. market, there would be a _____ loss associated with _____ efficiency in the airline industry.
a. marginal; reduced b. deadweight; reduced c. total; increased d. deadweight; increased
Which of the following does not illustrate the idea of creative destruction?
A. Digital downloads have shrunk the market for CDs and DVDs B. Online retail sales have increased, while brick-&-mortar sales have slowed down C. The opening of a new mall reduces the traffic in another mall D. A firm has to destroy some of the expired products in its inventory