Approximately what percentage of national income consists of compensation of employees?
A. 10 per cent
B. 25 per cent
C. 70 per cent
D. 95 per cent
Ans: C. 70 per cent
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According to the Application, as new products are constantly invented and introduced on the market,
A) the bias in the CPI can be large. B) the bias in the CPI will eventually disappear. C) the bias in the CPI will remain virtually unchanged. D) the bias in the CPI tends to become smaller.
Suppose the demand curve for committing robbery can be represented by a downward sloping demand curve. In other words, as the price of committing a robbery falls, more robberies will be committed
Now, suppose laws are passed allowing people to carry guns unconcealed in public. Which of the following best explains the likely outcome? A) Demand for robberies will fall. B) Supply of robberies will increase. C) The elasticity of robberies will be perfectly inelastic. D) The quantity demanded of robberies will decrease because the price of robberies has risen.
The median-voter model implies that a political office seeker will:
A. adopt more extreme views when seeking his or her party's nomination than when running against the other party's opponent. B. adopt less extreme views when seeking his or her party's nomination than when running against the other party's opponent. C. favor extensive government spending because demand curves for public goods are added vertically rather than horizontally. D. favor the private resolution of externality problems rather than governmental intervention.
When there are very few substitutes for a good, the demand for the good will tend to be
A. perfectly elastic. B. inelastic. C. elastic. D. unitary.