A ________ demand curve for shampoo would be caused by a change in the price of shampoo.
A) positively sloped
B) leftward shift of the
C) rightward shift of the
D) movement along the
Ans: D) movement along the
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The CPI equals 1.00 in year one and 1.15 in year two. If the nominal wage is $15 in year one and a contract calls for the wage to be indexed to the CPI, what will be the nominal wage in year two?
A. $16.15 B. $17.25 C. $22.50 D. $15.00
Classical economists think general equilibrium is attained relatively quickly because
A) the real interest rate adjusts quickly. B) the level of output adjusts quickly. C) the real wage rate adjusts quickly. D) the price level adjusts quickly.
The above figure shows the demand and cost curves facing a monopoly. The deadweight loss of this monopoly is
A) $100. B) $250. C) $1,250. D) $2,500.
A creator of a sculptural work who wants to protect their intellectual property would apply for which of the following?
A) a trademark B) a patent C) a trade secret D) a copyright