If all prices, including the price of beef, increase by 3%, then the relative price of beef has ________ and inflation ________.
A. remained constant; has not occurred
B. remained constant; has occurred
C. increased; has not occurred
D. increased; has occurred
Answer: B
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In the research that used the audit method to send out 5,000 realistic-looking resumes for advertised jobs in Boston and Chicago, the results show that improving your resume by acquiring new skills and job experience appears to
A) matter for whites and for blacks. B) not matter for whites or blacks. C) matter for whites but not for blacks. D) matter for blacks but not for whites.
According to the table above determine which country has the absolute advantage in corn and which in soybeans. In addition, determine which country has the comparative advantage in corn and which in soybeans
Make sure to support your answer by deriving the opportunity costs of each.
Which of the following is FALSE regarding bilateral monopoly?
A) Bilateral monopoly is a market structure consisting of a monopolist and a monopsonist. B) Bilateral monopoly is defined as a market structure in which a single buyer faces a single seller. C) An example of bilateral monopoly is a state education employer facing a single teachers' union in the labor market. D) The price outcome is easily determined.
Which of the following would most likely cause the demand for veggi burgers to increase?
a. A decline in the price of veggie burger. b. An increase in the price of tofu burgers, perceived as a substitute by veggie burger consumers. c. An increase in the price of burger buns. d. A technological innovation that lowers the cost of producing veggie burgers.