Which of the following countries has the largest number of immigrants, as a percentage of the labor force (as of 2007)?
A. Austria.
B. New Zealand.
C. United States.
D. Australia.
Answer: D
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The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.
What is the effect on the equilibrium price and equilibrium quantity of theater tickets if the price of an orchestra ticket increases and the wage rate paid to actorsactors increases?? The equilibrium price of a theater ticket ______ and the equilibrium quantity? ______.
A. always falls; increases B. always falls; decreases C. rises; remains the same D. change; does not change E. rises; increases, decreases, or remains the same
All normal goods have
A) income elasticities of demand greater than 1.0. B) price elasticities of demand greater than 1.0. C) negative price elasticities of demand. D) positive income elasticities of demand.
In what way does long-run equilibrium under monopolistic competition differ from long-run equilibrium under perfect competition?
A) Firms in perfect competition achieve allocative efficiency while firms in monopolistic competition achieve brand efficiency. B) Firms in perfect competition achieve productive and allocative efficiency while firms in monopolistic competition achieve neither allocative nor productive efficiency. C) The only difference is that in a monopolistically competitive market there are many brands to choose from while in a perfectly competitive market there is one standard product. D) Firms in perfect competition achieve productive efficiency while firms in monopolistic competition achieve allocative efficiency.