The above table shows the demand schedule and supply schedule for chocolate chip cookies. What is the equilibrium quantity and equilibrium price for chocolate chip cookies?
A) 7 pounds, $3.00 per pound
B) 2 pounds, $3.00 per pound
C) 2 pounds, $6.00 per pound
D) 4 pounds, $5.00 per pound
D
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Refer to above figure. In autarky, Country P was producing at point 5. With trade, would its production point be found above or below point 5? Explain why
What must happen in the K/L intensity ratio in the production of each of the products in this country when moving from autarky to free trade?
A winner-take-all labor market is one in which:
A. large differences in human capital translate into small differences in wages. B. small differences in human capital translate into small differences in wages. C. one worker receives all of the available compensation and the rest receive nothing. D. small differences in human capital translate into large differences in wages.
Which of the following is a reason that the Fed does not traditionally attempt to limit asset price bubbles?
A. The Fed’s policies cannot be targeted at only one sector of the economy. B. Price changes for one asset or one industry cannot have a substantial impact on the entire economy. C. The FDIC rather than the Fed is responsible for recognizing bad lending practices. D. All of these responses are correct.
When income rises
A. quantity of a normal good demanded rises. B. demand for a normal good rises. C. demand for a luxury good falls. D. demand for an inferior good rises.