Related to the Economics in Practice on p. 573: According to the study cited in the Economics in Practice, which of the following is not true?
A. The study used a longitudinal survey done by the Census Bureau.
B. The researches found considerable evidence of wage stickiness.
C. Until recently it has been hard to find the right data to answer the question of wage stickiness.
D. To verify the sticky wage assumption the researchers looked at averages wages over time.
Answer: D
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In the above figure, which movement illustrates the impact of the price level and money wage rate rising at the same rate?
A) E to H B) E to K C) E to G D) E to J
Refer to Figure 5-9. Suppose the government wants to use a Pigovian tax to bring about the efficient level of production. What should the value of the tax be?
A) (P1- P0 ) per unit of output B) P1 per unit of output C) (P2- P0 ) per unit of output D) (P2- P1 ) per unit of output
GAAS
What will be an ideal response?
Demand tends to be more elastic when:
A. the quantity demanded is larger. B. demand is perfectly inelastic. C. price is low and more inelastic when price is high. D. price is high and more inelastic when price is low.