If one is interested in knowing whether or not a pair of products are substitutes, one would be interested in the value of the:
a. elasticity of supply
b. price elasticity of demand.
c. income elasticity of demand.
d. cross-price elasticity of demand.
d
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Discuss some of the reasons behind downward stickiness of wages and prices
If a shift in SRAS results from gains in productivity growth, the effect will be
a. relatively small over a few months or even a couple of years. b. relatively large over a few months or even a couple of years. c. relatively small over a few months but larger over a couple of years. d. relatively large over a few months but smaller over a couple of years.
The sensitivity of one economic variable to changes in another variable is known as
a. the variability coefficient b. elasticity c. the sensitivity coefficient d. the cross-variability coefficient e. the law of demand
In one day Madison Laundry washed 4,000 pounds of laundry with 5 workers who each worked 8 hours. What was its productivity?
a. 4000 pounds of laundry b. 500 pounds of laundry per hour c. 100 pounds of laundry per hour d. None of the above is correct.