Ceteris paribus, if Canadians decide they want to eat more U.S.-grown soybeans, this causes the ________ U.S. currency to ________.
A. demand for; increase
B. supply of; increase
C. demand for; decrease
D. supply of; decrease
Answer: A
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Suppose a concert by Rihanna and a basketball game played by the Houston Rockets are substitutes, then which of the following is TRUE?
A. If the price of a ticket to a Rockets game decreases, then the demand for Rihanna tickets will fall. B. The price of a ticket to a Rockets game will always equal the price of a ticket to a Rihanna concert. C. If the price of a ticket to a Rockets game increases, then the demand for Rihanna tickets will remain unchanged. D. If the price of a ticket to a Rockets game increases, then the demand for Rihanna tickets will fall.
According to the rational expectation hypothesis, disequilibrium may exist in the labor market because
A. firms don't know the "true model." B. of predictable shocks. C. workers don't know the "true model." D. of unpredictable shocks.
Wage differentials between occupations can be explained by all of the following except
A) the relative differences between demand and supply in various occupations B) the fact that some occupations are more desirable than others. C) the market power of different employers. D) the fact that some occupations require higher levels of human capital than others.
The Keynesian theory implied the relationship between inflationary pressures and the level of unemployment; further research proved this relationship and it was coined the _________ curve.
a. Phillips b. Keynesian c. Say d. inflation