Would you expect a tax on cigarettes to be more effective at discouraging consumption over the long run or the short run?
A. Long run because demand becomes more elastic over time
B. Long run because demand becomes less elastic over time
C. Short run because demand becomes more elastic over time
D. Short run because demand becomes less elastic over time
A. Long run because demand becomes more elastic over time
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One trend in labor markets is:
A. a slowdown in real wage growth in the United States since 1973. B. decreasing wage inequality in the United States. C. a decrease in average real wages in the United States and other industrial countries. D. weak rates of job creation in the United States since 1980.
The Federal Reserve's narrowest definition of the money supply is
A) M0. B) M1. C) M2. D) M3.
This market situation is much like a pure monopoly except that its member firms tend to cheat on agreed upon price and output strategies. What is it?
A) Duopoly B) Cartel C) Market sharing monopoly D) Natural monopoly
The individual demand curve for an input such as labor to a firm would be the downward sloping portion of the firm's
A) marginal physical product curve. B) marginal revenue product curve. C) marginal revenue curve. D) total revenue curve.