Which of the following is most likely to have an income elasticity greater than 1?
a. Pork
b. Fine wine
c. Gasoline
d. Rental housing
b
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The minimum wage is an example of
A) a subsidy for low-skilled workers. B) a price floor. C) a black market. D) a price ceiling.
Transfer pricing is used by moving companies
Indicate whether the statement is true or false
An increase in capital will increase real GDP per person
a. more in a poor country than a rich country. The increase in real GDP per person will be larger if the addition to capital is from domestic rather than foreign investment. b. more in a poor country than a rich country. The increase in real GDP per person will be the same whether the addition to capital is from domestic or foreign investment. c. less in a poor country than a rich country. The increase in real GDP per person will be larger if the addition to capital is from domestic rather than foreign investment. d. less in a poor country than a rich country. The increase in real GDP per person will be the same whether the addition to capital is from domestic or foreign investment.
Considering the euro/U.S. dollar exchange rate, as a U.S. dollar decreases in value versus the euro (holding other factors constant):
A. this is represented by an upward movement along the demand for dollars curve. B. this is represented by a downward movement along the supply of dollars curve. C. this would be represented by an upward sloping demand for dollars curve. D. this would be represented by a leftward shift of the supply of dollars curve.