Workers compete against workers who have:
A. totally different human capital.
B. similar human capital.
C. the exact same type of human capital.
D. all levels of human capital.
Answer: B
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In the Keynesian money market, velocity is
a. negatively related to the interest rate. b. independent of the interest rate. c. positively related to the interest rate. d. is positively related to the money supply. e. is not related to the interest rate but income.
The substitution bias in the consumer price index refers to the
a. substitution by consumers toward new goods and away from old goods. b. substitution by consumers toward a smaller number of high-quality goods and away from a larger number of low-quality goods. c. substitution by consumers toward goods that have become relatively less expensive and away from goods that have become relatively more expensive. d. substitution of new prices for old prices in the CPI basket of goods and services from one year to the next.
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD3 the result in the long run would be:
A. P2 and Y2. B. P1 and Y2. C. P4 and Y2. D. P1 and Y1.
An oligopolist's demand curve is
A) identical to that of a perfectly competitive firm. B) identical to that of a monopolistically competitive firm. C) vertical on a price-quantity diagram. D) unknown because a response of firms to price changes by rivals is uncertain.