Income mobility is:
A. how likely the income associated with each job in the country will change in relative terms.
B. how likely the income associated with each job in the country will increase over time.
C. how much income is stored in offshore banks.
D. the ability to improve one's economic circumstances over time.
Answer: D
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A relatively large increase in the cost of electricity would likely
A. result in a large increase in the use of gas for home use immediately. B. cause an immediate large decline in the use of electricity. C. increase the use of gas and decrease the use of electricity after a time lapse. D. cause an equal reduction in the use of electricity immediately.
The number of unskilled workers employed before and after a change in the minimum wage is found to be the same. This means
A) the minimum wage change did not affect the unskilled labor market. B) nothing, unless we also know that the number of hours worked by each worker has not changed. C) the minimum wage could be below the equilibrium wage for unskilled labor. D) either b or c E) none of the above
Cross-price elasticity of demand would measure which of the following examples?
a. the effect a decrease in the price of marshmallows has on the supply of butter b. the effect an increase in the price of soap has on the sale of this product c. the effect an increase in the price of printers has on the sale of print cartridges d. the effect a decrease in the price of pillows has on the sale of this product
In the capital market, households ________ supply the financial resources to firms that allow them to purchase ________.
A. indirectly; labor B. indirectly; capital C. directly; capital D. indirectly; land