A demand curve that is unit elastic everywhere is
a. linear and slopes downward
b. linear and slopes upward
c. vertical
d. horizontal
e. nonlinear
E
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Discuss some of the arguments that help explain why wages and prices rarely fall in a modern economy
When a union successfully raises the wages of its members, it will also
a. increase total productivity, which must rise in proportion to the wage rate. b. encourage employers to find a substitute for the union labor. c. raise the wages of nonunion workers. d. increase the share of income allocated to labor as opposed to capital.
Compared to the developing economies, the advanced economies have ________ human capital and ________ physical capital
A) more; more B) more; less C) the same; the same D) less; more E) less; less
Refer to Figure 2-8. Suppose Vidalia is currently producing 120 dozen roses per period. How many orchids is it also producing, assuming that resources are fully utilized?
A) 20 dozen orchids B) 32 dozen orchids C) 44 dozen orchids D) 68 dozen orchids