If Bart's money wages doubled from 2013 to 2018 and the consumer price index rose by 50%, we would know that Bart's real wages
A. fell by 50%.
B. stayed about the same.
C. rose by less than 50%.
D. doubled.
C. rose by less than 50%.
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Figure 4.3 illustrates the demand for tacos. Assume tacos are an inferior good. An increase in income would bring about a movement from
A) point a to point b. B) point c to point b. C) D2 to D1. D) D0 to D1.
If firms in a monopolistically competitive industry are making an economic profit, then
A) some customers will exit the market. B) some workers will leave the industry's labor force. C) some firms will leave the industry. D) new firms will enter the industry.
Carlos is an executive of a major corporation. Boris is a baker. Carlos earns a salary ten times as large as the salary Boris earns, and Carlos has a much larger oven for baking break
Carlos can make a loaf of bread that tastes better than Boris's bread but Boris can bake faster. A) Carlos has an absolute and comparative advantage over Boris in making bread. B) Carlos has an absolute but not comparative advantage over Boris in making bread. C) Carlos had a comparative but not absolute advantage over Boris in making bread. D) Carlos does not have an absolute or comparative advantage over Boris in making bread.
The management of a rental building faces a rent control situation, where it cannot charge more than $400 a month in rent on the apartment. The management knows that the apartments are high in demand and renters would be willing to be $1000 per month for them. The management decides to offer the controlled rent, rents furniture to its tenants, but successfully bars delivery from competing
furniture stores. This is an example of a. Tying b. Bundling c. Exclusion d. Fraud