Table 9.2 represents 3 markets for used guitars. Which of the markets in Table 14.2 are in equilibrium?
A. 1 only
B. 2 only
C. 3 only
D. 2 and 3
Answer: A
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The table above gives the demand schedule for peas. Between point C and point D, the price elasticity of demand is
A) elastic. B) unit elastic. C) 0.75. D) 3.00.
The Fed's current position towards the existing monetary aggregates is
A) it is convinced that M1 is the best measure of the money supply. B) it is convinced that M2 is the best measure of the money supply. C) it is an issue of ongoing research. D) it is reverting to considering currency alone as the best measure of the money supply.
Consider a labor market with two sectors-a union sector and a non-union sector-with perfectly inelastic labor supply. The presence of the union sector causes all of the following results except:
A. fewer workers are hired in the union sector than those same firms would hire if there was no union sector. B. the nonunion wage is less than the competitive wage when there is no union sector. C. more workers are hired in the nonunion sector than those same firms would hire if there was no union sector. D. total surplus added between the union sector and the nonunion sector is the same as total surplus when there is no union sector. E. the union wage is greater than the competitive wage when there is no union sector.
If Option A costs $40 and yields 20 units of output, and Option B costs $50 and yields 30 units of output,
A) Option B and Option A are equally economically efficient. B) Option B is economically efficient relative to Option A. C) Option A is economically efficient relative to Option B. D) It is not possible to determine which option is more economically efficient.