The cross elasticity of demand between DVDs and DVD players is likely to be
a. zero.
b. positive.
c. negative.
d. undefined.
c. negative.
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Suppose the market-clearing wage for pizza delivery workers is $7.00 per hour, but a $10.00 per hour minimum wage is enacted. Other things constant, the higher minimum wage tends to
A) increase the supply of pizza delivery workers. B) decrease the quantity demanded of pizza delivery workers. C) create a shortage of pizza delivery workers. D) accomplish all of the above. E) accomplish none of the above.
In general, a country that adheres to the rule of law has
A) a higher level of real GDP per capita. B) a lower level of real GDP per capita. C) no relationship to the level of real GDP per capita. D) an inverse relationship to the level of real GDP per capita.
A market that is shared equally by 100 firms would have a Herfindahl index of :
a. 1. b. 1,000. c. 500. d. 100. e. 50.
The purchasing power of the Zimbabwean dollar:
A. rose because when inflation rises, purchasing power rises. B. fell because there was more money chasing the same goods. C. rose because the money supply rose but real output did not. D. fell because people would not accept the newly-printed money.