A demand curve is a graphical representation of
A. relative prices.
B. consumer tastes.
C. national income.
D. the demand schedule.
Answer: D
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Since the 1970s, unemployment rates in the United States have generally been
A. lower than in Europe. B. higher than in Europe. C. about the same as in Europe. D. not compared to Europe, since unemployment is not present in Europe.
Which of the following is an essential feature of any economic system?
a. absolute advantage b. the profit motive for producers c. a voting procedure for choosing leaders d. prices determine resource allocation e. scarce resources
Which of the following is NOT a cause for real wage rigidity?
A. minimum-wage laws B. unemployment insurance C. union power D. efficiency wages
Suppose purchasing power parity holds. If the price level in the United States is 100 dollars per good and the price level in Japan is 250 yen per good, then the nominal exchange rate is ________ yen per dollar
A) 0.25 B) 0.4 C) 2.5 D) 4.0