According to the classical model, in the labor market
a. perfect information about the market price by market participants is required.
b. the labor market is always in equilibrium.
c. prices and wages are perfectly flexible.
d. both suppliers and purchasers of labor must know the relevant trading prices.
e. All of the above.
E
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Apple, the consumer electronics giant, on Tuesday rolled out new versions of its popular iPod music player. CEO Steve Jobs also unveiled cheaper models of its Touch music player, a touchscreen-only device
An 8-gigabyte version now costs $230, down from $300. A 32-gigabyte model costs $400, down from $500. Calculate the price elasticity of demand for a 32 gigabyte Touch player if the quantity demanded increases from 850,000 to 950,000 the month after the price decrease. A) 0.5 B) 1.5 C) 1 D) 0.75
According to the text, the price elasticity of demand for oranges has been estimated to be -0.62. This implies that a doubling of the price of oranges would cause the quantity demanded of oranges to:
A) increase by 6.2 percent. B) decrease by 6.2 percent. C) increase by 62 percent. D) decrease by 62 percent.
Refer to the above figure. Use the DD-AA model to examine and compare the response of an economy under fixed and floating exchange rate to a permanent fall in foreign demand for its exports
What will be an ideal response?
For purposes of calculating the CPI, the housing category of consumer spending includes the cost of
a. shelter. b. fuel and other utilities. c. household furnishings and operation. d. All of the above are correct.