At the equilibrium price, buyers have bought all they want to buy, but sellers have not sold all they want to sell
a. True
b. False
Indicate whether the statement is true or false
False
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Japan exports cars to the other countries of the world. In an open economy Japan is most likely to have a domestic price that is ________ the world price of cars.
A. less than B. close to C. equal to D. greater than
There are 6 firms in a market and the market shares of the firms are 40 percent, 30 percent, 10 percent, 8 percent, 7 percent, and 5 percent. The four-firm concentration ratio is equal to
A) 2738. B) 2664. C) 100. D) 88.
Capital outflows in the balance of payments accounts include
a. purchases of financial assets by U.S. residents. b. direct investments in foreign countries. c. indirect investments in foreign countries. d. purchases of U.S. real estate by foreigners. e. all of the above
In some markets plumbers have a choice of joining unions or working as nonunion plumbers. The total short-run supply of plumbers is perfectly inelastic at 500 workers per day
The demands for nonunionized and unionized plumbers, respectively, are: WNU = 30 - 0.04L WU = 30 - 0.10L. The wage rate is W in $/hr. and the number of workers per day is L. a. Determine the total demand for plumbers. b. Calculate the total market wage rate of plumbers assuming that unionized and nonunionized plumbers get the same wage rate. c. If the unionized workers succeeded in getting their wage increased to $20.00 per hour, how many unionized workers would lose their jobs? d. If the unionized workers in (c) who lost their jobs take jobs as non-unionized workers, how much and in what direction would non-unionized wages change?