A computer game is an example of
A) a free product.
B) an information product.
C) a search product.
D) a credibility product.
Answer: B
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The "naïve" Keynesian model is unrealistic because it
A. Does not take into account probable changes in the price level as the economy approaches full employment. B. Assumes that AS is upward sloping when it is more probably horizontal. C. Assumes that the price level decreases as AD increases. D. Does not account for changes in output due to the multiplier.
Monopolistically competitive firms have no benefits to consumers relative to perfectly competitive firms.
Answer the following statement true (T) or false (F)
The price elasticity of demand for kale in Texas is -2, and the price elasticity of demand for kale in California is -0.5. In other words, demand in Texas is ________, and demand in California is ________.
A. inelastic; unit inelastic B. elastic; inelastic C. inelastic; elastic D. elastic; unit elastic
In a hypothetical country, the average wage of five 40-year-old citizens with college education is $36,896, and the average wage of five 40-year-old citizens with high school education is $25,864
What is the returns-to-college education in the country? Is there any limitation of this analysis? Explain your answer.