One trend in labor markets is:
A. a decrease in average real wages in the United States and other industrial countries.
B. an increase in the rate of real wage growth since the early 1970s.
C. increasing wage inequality in the United States.
D. weak rates of job creation in the United States since 1980.
Answer: C
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If the cross elasticity of demand for two goods is positive, then the two goods are substitutes
Indicate whether the statement is true or false
Suppose that in a month the price of a liter of soda increases from $1 to $1.50. At the same time, the quantity of liters of soda supplied increases from 200 to 210. The price elasticity of supply for liters of soda (calculated using the initial value formula) is:
A. 0.1. B. 0.5. C. 10. D. 20.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point D to Point B, the opportunity cost of hybrid cars, measured in terms of motorcycles,
A. initially increases, then decreases. B. increases. C. remains constant. D. decreases.
Which of the following is a measure of the degree of industry concentration?
A. Dow Jones Industrial Index B. Herfindahl Index C. Employment Cost Index D. S&P-500 Index