What is the price of a TV in an open economy with a quota? 
A. $150
B. $100
C. $125
D. $75
Answer: C
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The supply of money curve is
A) vertical because the quantity of money is fixed at any one moment. B) horizontal because interest rates are fixed at any one moment. C) horizontal because the Fed controls the quantity of money supplied. D) upward sloping, showing the influence of the interest rate. E) downward sloping, showing the negative influence of the interest rate.
The good news for unions and their members is that union workers earn about 20% more than nonunion workers, even after adjusting for factors such as years of work experience and education level. What is the bad news?
a. In the 1930s, union members earned 37% more than nonunion members, after adjusting for inflation. b. Most unionized companies were driven out of business, leaving only about 5% of U.S. workers in unions. c. The percentage of U.S. workers who belong to labor unions has declined steadily for 50 years. d. As union membership rises, the wage gap will shrink.
The cross-price elasticity of demand between two goods that are substitutes can never be:
A. negative. B. less than one. C. positive. D. greater than one.
The law of one price is not expected to hold for:
A. differentiated goods. B. financial assets. C. oil. D. commodity goods.