A typical 50-year-old male earns:
a. one-third more than a male in his early 20s
b. nearly twice the income of a male in his early 20s.
c. one-third less than workers over 65.
d. nearly twice the income of workers over 65.
b
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When the calculated price elasticity of demand is -0.45, demand is
A) perfectly inelastic. B) elastic. C) unit-elastic. D) inelastic.
When it comes to basic commodities, the United States is a net exporter of oil and metals and a net importer of farm crops
a. True b. False
The key issue in determining the efficiency of public versus private ownership of a monopoly is
a. the tendency for efficient management of publicly owned enterprises. b. the inability of private monopolies to get rid of managers that are doing a bad job. c. the propensity of private monopolies to generate excessive profits. d. how ownership of the firm affects the cost of production.
The belief by most economists that real and nominal variables are essentially determined separately in the long run is characteristic of the ________ model.
a) aggregate demand b) classical c) Keynesian d) aggregate supply