Between 1830 and 1860, the number of miles of railroad in operation increased by
a. roughly 100 percent.
b. roughly 500 percent.
c. roughly 750 percent.
d. over 1000 percent.
d. over 1000 percent.
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Given that the own-price elasticity of demand for a brand of shoes is -2, if the price rises by 8%, what will happen to the quantity of shoes demanded?
a. It will decrease by 16% b. It will increase by 16% c. It will decrease by 1.6% d. It will decrease by 1.6%
Why is it important to use real GDP rather than nominal GDP figures when making comparisons of output across time periods?
a. The real GDP figures are a better measure of changes in the general level of prices. b. The real figures will reflect changes in the quantity of output and not changes in the general level of prices. c. The real figures will reflect changes in the general level of prices as well as changes in the quantity of output. d. The real GDP figures adjust for changes in the level of employment.
Wealthy people will tend to have vertical labor supply curves
A) only if their income effect just offsets their substitution effect. B) only if their income effect is greater than their substitution effect. C) only if their income effect is less than their substitution effect. D) only if they don't have an income effect.
________ occurs when congressional representatives trade votes.
A. An injunction B. The voting paradox C. Logrolling D. Market failure