Refer to the information provided in Figure 4.3 below to answer the question(s) that follow.
Figure 4.3Refer to Figure 4.3. A nonprice rationing system such as queuing must be used to ration the available supply of pencils if the government will not allow retailers to charge more than ________ for a pencil.
A. $0.40
B. $0.45
C. $0.50
D. $0.55
Answer: A
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Which of the following would not be an example of a nonproductive activity creating social losses?
a. Accountants seeking methods of tax avoidance for their clients. b. Lawyers engaged in litigation that would transfer money from one group to another. c. Lawyers hired to assist two parties in writing a contract. d. Lobbyists seeking laws that would transfer public lands to private parties without any payment.
Which of the following would not lead to a change in demand for coffee?
a. a change in the price of coffee b. a change in consumer preferences for coffee c. a change in the price of tea d. a change in consumers’ disposable incomes
Aggregate price information, such as recalculations of the CPI, is available to the public with ________ lags, causing difficulty for the ________ of the New Classical approach
A) long, Friedman but not Lucas version B) long, Lucas but not Friedman version C) long, Friedman and Lucas versions D) short, Friedman and Lucas versions E) short, Friedman but not Lucas version
A firm's marginal revenue product curve is downward sloping, which means the derived demand curve for an input is downward sloping
a. True b. False