The returns that skilled engineering professionals earn consist of both transfer earnings and economic rent. This implies that:
a. demand for these professionals is highly elastic.
b. the supply curve of skilled engineering professionals is upward-sloping.
c. the supply curve of skilled engineering professionals is backward bending.
d. demand for these professionals is perfectly inelastic.
e. the supply curve of skilled engineering professionals is vertical.
b
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Four candidates are running for president of their book club, which has a total of 36 members. The table below indicates the number of voters and their preferences
Determine the winner under the plurality-rule method, the Borda-count method (assigning 3 points to each first choice, 2 points to each second choice, 1 point to each third choice, and no points to each fourth choice), and the instant runoff method. Number of voters and their preferences 7 14 6 9 1st Choice Amy Byron Coco Dinesh 2nd Choice Coco Dinesh Amy Amy 3rd Choice Byron Amy Dinesh Coco 4th Choice Dinesh Coco Byron Byron
Which of the following should be held constant when calculating an income elasticity of demand?
a. the quantity of the good demanded b. the price of the good c. income d. All of the above should be held constant.
If the demand for money decreases, ceteris paribus, the LM curve would:
A) shift right. B) shift left. C) remain constant. D) slope more steeply.
A growth recession is characterized by
A. An increasing unemployment rate with substantial inflation. B. A negative growth rate with a low inflation rate. C. A positive growth rate below 3 percent annually. D. An increasing unemployment rate with moderate inflation.