Related to the Economics in Practice on p. 448: Compared to students who graduate college and obtain employment during an economic expansion, students who graduate during a recession often find that starting wages are ________ and wage growth is ________.
A. higher; slower
B. lower; slower
C. higher; faster
D. lower; faster
Answer: B
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As products become less differentiated:
A. consumers are less willing to switch in response to price changes and competition becomes more intense. B. consumers are more willing to switch in response to price changes and competition becomes more intense. C. consumers are less willing to switch in response to price changes and competition becomes less intense. D. consumers are more willing to switch in response to price changes and competition becomes less intense.
Explain the difference between the short run and the long run in terms of the number of firms in a competitive market
Which of the following is prerequisite of successful market economies?
A. the existence and enforcement of property rights B. a tax system that redistributes income from the rich to the poor C. the ability of the government to appropriate economic profits beyond a certain amount to ensure equality in income distribution D. a military presence to ensure political freedom
If the market ratio of silver to gold is 16 to 1 and the mint ratio is 15 to 1,
a. people will cease to use gold and silver as money. b. the Treasury will be forced to issue paper money. c. gold is undervalued at the mint. d. silver is undervalued at the mint.