For which pairs of goods is the cross-price elasticity most likely to be negative?
a. peanut butter and jelly
b. automobile tires and coffee
c. pens and pencils
d. paperback novels and electronic books for e-readers
a
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The participation rate was higher in 2012 than in 1948 because
A) the labor force was larger in 2012 than in 1948. B) the unemployment rate became less variable over time. C) of the Great Moderation D) the participation rate of women rose between 1948 to 2012.
We study the simple model of competitive markets because it helps to:
A. provide useful insights to markets that are not perfectly competitive. B. show how the government controls the economy. C. indicate whether buyers or sellers matter more. D. show how poorly the economy actually functions.
Which of the following statements concerning speculators is true?
a. There is no risk involved in speculative activity. b. They simultaneously buy and sell a currency in different markets. c. They hope to profit by trading a currency at a different exchange rate later. d. Their actions do not affect exchange rates. e. Their actions are exactly like those of arbitrageurs.
Figure 11-6
The profit-maximizing monopolist in Figure 11-6 will produce ____ units of output.
a.
Q1
b.
Q2
c.
Q3
d.
Q4