Apple, the consumer electronics giant, on Tuesday rolled out new versions of its popular iPad tablet. Suppose when the price of an iPad decreases by 20 percent, the number of songs downloaded on iTunes increases by 30 percent
Based on this information iTunes are A) a normal good.
B) an inferior good.
C) substitutes for iPads.
D) complements to iPads.
D
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A labor force survey in Brownland records the following data:
Employed: 189,000 Unemployed: 15,000 Not in the labor force: 84,000 a) Calculate the unemployment rate. b) Calculate the labor force participation rate.
Given a fixed amount of time, a decision to supply labor or not is simultaneously a decision to
a. demand goods and services or not. b. demand leisure or not. c. supply capital and land or not. d. supply leisure or not.
Currently, bank runs are a major problem for the U.S. banking system and the Fed
a. True b. False Indicate whether the statement is true or false
A profit-maximizing monopolist chooses the output level where MR = MC and chooses the corresponding price from the marginal revenue curve.
a. true b. false