Changes in the wage rate cause the labor-leisure budget constraint to move
a. True
b. False
Indicate whether the statement is true or false
True
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Which oligopoly model results in firms successively undercutting their rivals' prices until the competitive outcome is reached?
a. The contestable market model. b. The Cournot model of oligopoly. c. The Bertrand model of oligopoly. d. The monopolistic competition model.
Refer to Figure 5-13. The amount of the gasoline tax is ________ per gallon
A) $0.75 B) $1.25 C) $1.75 D) $2.00
The number of people officially unemployed is not the same as the number of people who can't find a job because:
a. the armed forces is included. b. some people have jobs but continue to look for a better one. c. some people who can't find a job become discouraged and quit looking. d. none of these.
While hurricane Katrina severely disrupted the normal flow of economic activity in the Gulf Coast States in 2005, in the periods following the hurricane
a. the price level fell below 100 b. unemployment in the U.S. spiked c. aggregate demand increased, sparked by the need for reconstruction d. real GDP fell to 1980's levels e. imports rose dramatically