Draw a perfectly inelastic demand curve and state its elasticity.
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The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
Refer to Figure 18-3. Consider the market for U.S. dollars against the Japanese yen shown above. An event which could have caused the changes shown in the graph would be
A) an increase in U.S. real income. B) an economic expansion in the United States. C) speculators expect the dollar to depreciate in value in the near future. D) a decrease in Japanese interest rates.
Suppose a man and a woman are in love and care for the other's happiness as well as their own consumption. Suppose the woman is more selfish than the woman UM = CM1/2 UW1/2 UW = CW2/3 UM1/3 They will maximize the joint happiness (UM + UW) where
a. CM = 100; CW = 0 b. CW = 100; CM = 100 c. 50 < CM < 100; 0 < CW < 50 d. 50 < CW < 100; 0 < CM < 50
Which is the best approach to analyzing migration in the long run?
a. the specificfactors model with no resource mobility across borders b. the specificfactors model with free movement of labor across borders c. the HeckscherOhlin model with free movement of labor across borders d. the HeckscherOhlin model with no resource mobility across borders