Demand elasticity can be
A) elastic, unit, or free.
B) elastic or inelastic.
C) elastic, inelastic, or unit elastic.
D) 1, -1, or 0.
C
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If foreign professionals perform equal quality work more cheaply than American professionals it is because
a. American professionals have lower opportunity costs that foreign professionals. b. foreign professionals have lower opportunity costs than American professionals. c. foreign professionals have a higher cost of living than American professionals. d. American professionals have a higher cost of living than foreign professionals.
High fuel prices and losses by smaller firms have resulted in a considerable amount of consolidation in the trucking industry, which now most closely resembles the oligopoly market structure
Indicate whether the statement is true or false
The slope of the production possibilities frontier is
A) positive. B) negative. C) zero. D) undefined.
Suppose that the salary range for recent college graduates with a bachelor's degree in economics is $30,000 to $50,000, with 25 percent of jobs offering $30,000 per year, 50 percent offering $40,000 per year and 25 percent offering $50,000 per year and that in all other respects, the jobs are equally satisfying. Assume that in this market, a job offer remains open for only a short time so that continuing to search requires an applicant to reject any current job offer. Moe has just received a job offer that pays $40,000 per year. Moe should:
A. reject the offer if he is risk averse. B. only accept the offer if he is risk-neutral. C. reject the offer regardless of his preference for risk. D. accept the offer if he is risk averse.