Which of the following is NOT a measure of the general level of prices?
A) Consumer Price Index
B) Producer Price Index
C) GDP Deflator
D) Personal Sales Deflator Index
D
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Suppose the marginal product of labor in the economy is given by MPN = 0.002(16,000 - N), while the supply of labor is 1000 + 1000w
(a) Find the market-clearing real wage rate and level of employment. (b) What happens to the wage rate and employment if wealth rises, reducing the supply of labor to 500 + 1000w? (c) What happens to the wage rate and employment if after wealth has risen as in part (b), there is a productivity shock that increases the marginal product of labor to MPN = 0.0025(16,000 - N)?
Ticket "scalping" is an example of
a. experimental economics. b. the limitation of the volume of transactions. c. the development of a black market. d. favoritism.
Use the information in the table below.Total salesIndustry 1Firm 1$5.3mFirm 2$199,000Firm 3$2.6mFirm 4$850,000What is the Herfindahl index for Industry 1?
A. 3481 B. 9801 C. 4407 D. 30,798
How would an economist characterize the decision to change brands when the price of one’s preferred brand increases?
a. disloyal b. rare c. rational d. unnecessary