A legal arrangement whereby a firm can hire only union labor is called
A. a union shop.
B. a sweat shop.
C. a closed shop.
D. an open shop.
Answer: C
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Suppose people buy more of good 1 when the price of good 2 falls. These goods are
A) complements. B) substitutes. C) normal. D) inferior.
When the price of ulcer medication increased by $20 per 100 tablets, a drug company's revenue increased by $10 million. Its elasticity of demand coefficient (in absolute terms) must be: a. zero
b. greater than one. c. less than one. d. infinitely large.
Adverse selection occurs in the used car market because:
A. the buyer has more information than the seller. B. the seller has more information than the buyer. C. both the buyer and the seller have incomplete information. D. Any of these could be the cause of adverse selection in the used car market.
Over the last 80 years, the average annual U.S. inflation rate was about
a. 3.6 percent, implying that prices have increased 16-fold. b. 4 percent, implying that prices have increased 17-fold. c. 4 percent, implying that prices have increased 16-fold. d. 3.6 percent, implying that prices increased about 17-fold.