The size of a family or household does not affect the data used to measure income inequality
a. True
b. False
Indicate whether the statement is true or false
False
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If the cross elasticity of demand for good x with respect to the price of good y is positive, then goods x and y are
A) normal goods. B) inferior goods. C) complements. D) substitutes.
Sally's Salon sells haircuts in a perfectly competitive market. As the salon hires additional workers, the marginal revenue product of labor
a. rises whenever the marginal product of labor falls b. is equal to the market price of haircuts c. falls whenever the marginal product of labor falls d. varies only if the market price of haircuts varies e. remains constant
Consider an economy made up of 100 people, 50 of whom hold jobs, 10 of whom are looking for work, and 15 of whom are retired. The unemployment rate is approximately
a. 10 percent b. 12 percent c. 17 percent d. 20 percent e. 25 percent
Assume that foreign capital flows from a nation increase due to political uncertainly and increased risk. If the nation has highly mobile international capital markets and a fixed exchange rate system, what happens to the real risk-free interest rate and real GDP in the context of the Three-Sector-Model? a. The real risk-free interest rate rises and real GDP falls
b. The real risk-free interest rate falls and real GDP rises. c. The real risk-free interest rate rises and real GDP remains the same. d. The real risk-free interest rate and real GDP remain the same. e. There is not enough information to determine what happens to these two macroeconomic variables.