A college graduate in 1972 found a job paying $7,200. The CPI was 0.418 in 1972. A college graduate in 2016 found a job paying $60,000. The CPI was 2.40 in 2016. The 1972 graduate's job paid ________ in nominal terms and ________ in real terms than the 2016 graduate's job.
A. less; less
B. more; more
C. more; less
D. less; more
Answer: A
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Suppose a perfectly competitive market is in a short-run equilibrium. If some firms exit the market, the profit of the remaining firms ________; if some firms enter the market, the profit of each existing firm ________
A) decreases; is unchanged B) increases; decreases C) increases; is unchanged D) is unchanged; is unchanged E) decreases; increases
What is the main problem with rules of origin?
What will be an ideal response?
For which of the following problems can well-designed public policy enhance economic efficiency?
a. both externalities and market power b. externalities, but not market power c. market power, but not externalities d. neither externalities nor market power
Describe the characteristics of the short-run aggregate supply curve. Explain what happens to: (1) nominal wages; (2) employment; (3) output; (4) revenues; and, (5) profits as the price level increases from the full-employment level of output. Then explain what happens to these variables as the price level decreases from the full-employment-level of output.
What will be an ideal response?