You and your sister are splitting a pizza. You cut it in half and your sister selects her half first. Thus, you cut it into two equally sized pieces. This is an example of
A. communism.
B. utilitarian justice.
C. Rawlsian justice.
D. a public good.
Answer: C
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If net exports decrease by $20 billion and the economy's MPC is .5, the aggregate demand curve will shift ________.
A. rightward by $20 billion at each price level B. rightward by $40 billion at each price level C. leftward by $40 billion at each price level D. leftward by $20 billion at each price level
Refer to Table 6-4. Which of the following statements is correct?
A) The publisher's analysis is correct only if the demand is elastic. B) The publisher's analysis is correct only if the demand is perfectly inelastic. C) The publisher's analysis is correct only if the demand is unit elastic. D) The publisher's analysis is correct only if the demand is perfectly elastic.
Demand for goods in broader category definitions, such as "beverages", is usually less elastic than demand for more narrowly defined goods, such as "diet colas."
a. True b. False
A labor contract provides for a first-year wage of $15 per hour, and specifies that the real wage will rise by 2 percent in the second year of the contract. The CPI is 1.00 in the first year and 1.09 in the second year. What dollar wage must be paid in the second year?
A. $15.30 B. $16.68 C. $16.09 D. $16.45