The demographic bulge that is at the heart of Social Security's long-term problems is attributable to a baby boom that occurred
A. after World War II.
B. after World War I.
C. in the 1980s.
D. in the 1960s.
Answer: A
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A firm is said to be a price taker if it:
A) can affect the market price of goods by changing its supply. B) sells as much of any good as it wants at the prevailing market price. C) consults the government before fixing the price of its goods and services. D) is not free to enter a new market or exit from an existing market.
The slope of a consumer’s indifference curve between two commodities represents
A. her marginal rate of substitution between the commodities. B. the relative prices of the goods. C. her marginal revenue from selling the commodities. D. her marginal revenue product from consuming the commodities.
Dana is an art historian who needs to travel to Italy to do research. Art historians usually don't have a lot of money, and therefore are very sensitive to price changes. Dana's funding agency pays her a fixed amount to travel. At current exchange rates, Dana can stay in Italy for 35 days. If the exchange rate improves by 10 percent, she can stay for 40 days. What is Dana's price elasticity of
demand for days spent in Italy? a. It is approximately equal to 2.3. b. It is approximately equal to 1.6. c. It is approximately equal to 1.4. d. It is approximately equal to 0.4. e. It is approximately equal to 0.1.
Which of the following conditions distinguishes perfect competition from monopolistic competition?
a. the number of sellers b. freedom of entry and exit c. homogeneity of the product d. none of the above