Which one of the following is a durable consumer good?
A. gasoline
B. office supplies that will be used up this year
C. a tablet device
D. food
Answer: C
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If wages are "sticky downwards", then this means that during periods of high unemployment, wages will:
A. fall quickly. B. resist falling. C. resist rising. D. rise quickly.
An exchange rate is the price of one currency in terms of a second currency
a. True b. False Indicate whether the statement is true or false
Monopolistically competitive firms may not be able to produce goods at the lowest possible average cost. This statement is describing how monopolistically competitive firms might be _____.
(A) Without economies of scale. (B) Unable to engage in price fixing. (C) Lacking differentiation. (D) Unsuccessful at nonprice competition.
The absolute value of the elasticity of demand for a "necessity" good with few close substitutes is:
a. Equal to 0. b. Less than 1. c. Greater than 1. d. Equal to 1.