For which of the following purchases would the absolute price elasticity of demand be greatest?
A. a luxury sedan
B. chewing gum
C. a smartphone
D. utilities
Answer: A
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Who said the nation was "ill-fed, ill-clothed, and ill-housed?"
A. Herbert Hoover B. Franklin D. Roosevelt C. Lyndon B. Johnson D. Jimmy Carter
Gregory is considering attending a concert with a ticket price of $40. He estimates that the cost of driving to the concert and parking there will add an additional $20
In order to attend the concert, Gregory will have to take time off from his part-time job. He estimates that he will lose 5 hours at work, at a wage of $8 per hour. Gregory's opportunity cost of attending the concert equals A) $80. B) $100. C) $40. D) $60. E) $20.
If workers received a 5 percent wage increase and the rate of inflation was 3 percent, then their real wage:
A. remained constant. B. equaled the nominal wage. C. decreased. D. increased.
Taxi medallions were issued in New York City to:
A. increase the wages of taxi drivers. B. help new immigrants find jobs. C. raise revenue for the city. D. help commuters afford transportation.