Which of the following would be primarily determined in the resource markets?
A. The airfares charged by airlines for family vacations
B. The wage rates for computer programmers and engineers
C. The number of home-internet connections installed
D. The amount of money in circulation issued by the government
Answer: B
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Does the short-run Phillips curve have a positive or negative slope? Explain how this slope is derived
What will be an ideal response?
Game theory shows that
A) sometimes pursuing profit maximization will not yield the highest joint profit. B) interdependencies between firms have to be taken into account when few firms dominate the market. C) in an oligopolistic market, firms are likely to collude. D) All of the above.
Have Malthus' predictions about population growth come true?
A) no, because modern birth control has limited population growth in all nations B) yes, as evidenced by the famine and food shortages affecting every nation today C) no, because the world's food supply has grown much more rapidly than Malthus foresaw D) Yes. The world's food supply, measured by calories per person, continues to fall.
If the government thinks the price that a consumer has to pay for a good is too low, then which of the following would solve this problem?
a. a price ceiling or an excise tax b. a price floor or an excise tax c. a price ceiling or a subsidy d. a price floor or a subsidy e. none of the above will lower the price a consumer has to pay for a good