Rank the price elasticities of the following goods in descending order (from highest to lowest)
a. chewing gum, sport shirt, 4-bedroom house
b. 4-bedroom house, chewing gum, sport shirt
c. chewing gum, 4-bedroom house, sport shirt
d. 4-bedroom house, sport shirt, chewing gum
e. sport shirt, chewing gum, 4-bedroom house
D
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If the wage rate is ________ the value of marginal product, a firm can increase its profit by ________
A) greater than; selling an extra unit of output B) less than; selling one less unit of output C) less than; hiring an extra worker D) less than; hiring one less worker
Year 2 nominal GDP is
A) $200. B) $270. C) $310. D) $390.
Assume that Dakota's salary is $49,500, up from $45,000 last year, while the CPI is 198 this year, up from 180 last year. This means that Dakota's real income has ____________ since last year.
a. increased b. decreased c. stayed the same d. There is not enough information provided to answer this question.
Inoculations of children against infectious diseases are
A. an example of a public good. B. dangerous for society. C. an example of an external cost. D. an example of an external benefit.