Measures of elasticity enhance our ability to study the magnitudes of changes in quantities in response to changes in prices or income
a. True
b. False
Indicate whether the statement is true or false
True
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According to your textbook,
A) millions of people know how to make pencils, but only a few know how to use them. B) millions of people know how to make pencils, but nobody knows how to use them. C) no single person anywhere in the world knows how to make a pencil. D) no single person anywhere in the world knows how to use a pencil. E) none of the above.
For decades, the NCAA restricted the number of college football and basketball games that could be televised, and in 1982 the University of Georgia and the University of Oklahoma sued the NCAA under the federal antitrust laws
In 1984, the Supreme Court decided the case A) against the NCAA, citing anticompetitive practice. B) against the NCAA, citing that the NCAA did not control what television networks put on the air. C) for the NCAA, citing the fact that belonging to the NCAA was voluntary. D) against the NCAA, citing explicit collusion among the larger colleges.
Which of the following is an example of a compensating wage differential?
A) Workers in a dynamite mine receive higher wages than if they worked in other jobs that require the same level of skills. B) Nurse anesthetists are paid less than anesthesiologists (who have medical degrees). C) In the market for lawyers, top graduates from the top programs earn starting salaries that are significantly higher than the starting salaries earned by lower-ranked graduates from the lower-ranked programs. D) Popular movie stars like George Clooney command much higher salaries than other talented but lesser-known actors.
Adaptive expectations are formed ________
A) from experience B) from best guesses about the future C) as new information becomes available D) as a weighted average of expert forecasts