One of the benefits of specialization is
A. greater output.
B. specialists cost less to hire.
C. people enjoy doing one repetitive task over and over.
D. training costs are higher.
Answer: A
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Which of the following is true?
i. The demand for a good is elastic if when its price changes, the percentage change in the quantity demanded exceeds the percentage change in price. ii. Price elasticity of demand equals the percentage change in price divided by the percentage change in the quantity demanded. iii. If demand is price inelastic, a rise in price leads to a decrease in total revenue. A) only i B) only ii C) only iii D) i and ii E) ii and iii
Changes in the federal funds rate usually result in
A) changes in both short-term and long-term interest rates with more of an effect on short-term interest rates. B) changes in both short-term and long-term interest rates with equal effect on both. C) changes in both short-term and long-term interest rates with more of an effect on long-term interest rates. D) no change in either short-term or long-term interest rates.
Calculate the price elasticity of demand for gasoline implied by what most studies have found
What will be an ideal response?
In the fooling model's labor market diagram, from an initial intersection point of the labor supply and demand curves, tracing "southwest" down the labor supply curve shows
A) what happens to real wages and employment when aggregate demand expands. B) what happens to real wages and employment when aggregate demand contracts. C) what workers think is happening to real wages if an aggregate demand contraction fools them. D) what firms think is happening to real wages if an aggregate demand expansion fools them.