The quantity of labor demanded is the labor hours all
A) firms plan to hire at a given real wage rate.
B) firms plan to hire at a given nominal wage rate.
C) employees plan to work at a given real wage rate.
D) employees plan to work at a given nominal wage rate.
E) Both answers A and C are correct.
A
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If the government regulates the price a monopoly can charge, and the price ceiling is set below what the competitive market price would be, then
A) a shortage will exist. B) a surplus will exist. C) producer surplus is maximized. D) consumer surplus is maximized.
If the absolute price elasticity of demand for a product is equal to 1, then
A) the absolute price elasticity of demand is inelastic and consumers are relatively insensitive to price changes. B) the absolute price elasticity of demand is inelastic and consumers are relatively sensitive to price changes. C) the absolute price elasticity of demand is elastic and consumers are relatively insensitive to price changes. D) the absolute price elasticity of demand is unit-elastic and the percentage change in quantity demanded equals the percentage change in price.
If lenders refuse to state the debt in terms of dollars, then dollars are NOT a
A. medium of exchange. B. unit of accounting. C. store of value. D. standard of deferred payment.
Economic models are rarely constructed using
A. equations. B. words. C. graphs. D. physical objects.