Which of the following resulted from the collapse of the housing bubble in the United States during 2007?
A. The mean wealth was 6.5 times lower than the median households' wealth in 2010.
B. The mean wealth was 6.5 times higher than the median households' wealth in 2010.
C. The total households' wealth declined by 15 percent in 2010.
D. The average households' wealth declined by 40 percent in 2010.
Answer: B
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In the classical model, the aggregate supply curve is
A. the same as the aggregate supply curve in the Keynesian model. B. flat at low levels of output and then eventually slopes upward as output increases. C. upward sloping in the short run but vertical in the long run. D. always vertical.
A bond holder is part owner of the firm.
Answer the following statement true (T) or false (F)
The supply of Russian caviar from the Caspian Sea diminished after the collapse of Soviet communism. The price of caviar rose from $395 a pound to $595 a pound. Still, revenue from the sale of caviar rose 30 percent. You can conclude that:
A. the supply curve for caviar has shifted to the left along an elastic demand curve. B. an elastic supply curve for caviar has shifted to the left. C. an inelastic supply curve for caviar has shifted to the left. D. the supply curve for caviar has shifted to the left along an inelastic demand curve.
The concept of price elasticity of demand measures:
A. the slope of the demand curve. B. the number of buyers in a market. C. the extent to which the demand curve shifts as the result of a price decline. D. the sensitivity of consumer purchases to price changes.