As the baby boom generation (born between 1946 and 1964) ages, which of the following is a likely outcome?
a. A movement to the left in the demand for nursing home beds
b. A movement to the left in the supply of nursing home beds
c. A movement to the right in the supply of nursing home beds
d. A movement to the right in the demand for nursing home beds
Answer: a. A movement to the left in the demand for nursing home beds
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Demand is elastic if
A) consumers respond strongly to changes in the product's price. B) a large percentage change in price brings about a small percentage change in quantity demanded. C) a small percentage change in price brings about a small percentage change in quantity demanded. D) the quantity demanded is not responsive to price changes. E) the demand curve is vertical.
Capacity utilization increases. What is the impact on aggregate expenditures and income?
A) Both increase. B) Both decrease. C) Aggregate expenditure increases and income decreases. D) Aggregate expenditure decreases and income increases.
Suppose that for each firm in the competitive market for potatoes, long-run average cost is minimized at $0.20 per pound when 500 pounds are grown. The demand for potatoes is Q = 10,000/p
If the long-run supply curve is horizontal, then how much will consumers spend, in total, on potatoes? A) $0 B) $500 C) $10,000 D) $50,000
The only difference between a one- and two-sided hypothesis test is
A) the null hypothesis. B) dependent on the sample size n. C) the sign of the slope coefficient. D) how you interpret the t-statistic.