Jerome says that he will spend exactly $25 each month on new apps for his mobile device, regardless of the price of apps. Jerome's demand for apps is
a. perfectly elastic.
b. unit elastic.
c. perfectly inelastic.
d. somewhat inelastic, but not perfectly inelastic.
b
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As technology advancements have led to more white collar jobs,
A) the labor force participation rate for women has increased over the last 50 years. B) the labor force participation rate for women has decreased since 1960. C) the labor force participation rate for men and women have increased. D) a higher percentage of men of working age have entered the labor force. E) the unemployment rate has steadily fallen.
A firm's total profit can be calculated as all of the following except
A) total revenue minus total cost. B) (price minus average total cost) times quantity sold. C) average profit per unit times quantity sold. D) marginal profit times quantity sold.
An economy that has the lowest cost for producing a particular good is said to have a(n):
A) technological advantage. B) comparative advantage. C) convex news production possibilities curve. D) all of the above are correct and
In the principal-agent relationship, the agent is
A) the owner of a resource that has hired another party to act on his behalf. B) the person who is placed in control over resources that are not his own, with a contractual obligation to use these resources in the interests of some other party. C) the person who is placed in control over resources that are not his own and agrees to compensate the resource owner in the event of outcomes that do not satisfy the resource owner. D) the person who places his resources in professional hands in exchange for the professional's promise to act on the resource owner's behalf.