A demand curve is described as perfectly inelastic if
A. the same quantity is purchased regardless of price.
B. the same price is charged regardless of quantity sold.
C. neither price nor quantity demanded ever change.
D. only quantity demanded can change.
Answer: A
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Factors that influence labor productivity include ________
A) the inflation rate, the real wage rate, and the exchange rate B) the labor demand curve C) physical capital, the real wage rate, and technology D) physical capital, human capital, and technology
The difference between microeconomics and macroeconomics is that
A) microeconomics looks at supply and demand for goods, macroeconomics looks at supply and demand for services. B) microeconomics looks at prices, macroeconomics looks at inflation. C) microeconomics looks at individual consumers, macroeconomics looks at national totals. D) microeconomics looks at national issues, macroeconomics looks at global issues.
Most research suggests that the elasticity of the labor supply with respect to taxes is:
A. very low for most people. B. very high for most people. C. highly variable across people. D. unpredictable in most settings.
In the above figure, the opportunity cost of moving from point A to point C is
A. 50 guitars. B. 50 ukuleles. C. 0 guitars. D. 25 guitars.