If $1 is worth .8 Canadian dollars, then 1 Canadian dollar is worth:
A. $1.80.
B. $1.25.
C. $0.20.
D. $0.80.
Answer: B
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According to Gordon which of the following statements about Friedman's fooling model is accurate?
A) The demand for labor depends on the nominal wage. B) As prices increase, firms will offer higher real wages; these higher wages will bring forth an increase in the supply curve of labor. C) The supply curve of labor depends on the expected real wage. D) All of the above statements are accurate.
Estimates of the values of which of the following non-market goods or services are included in GDP?
a. the value of unpaid housework b. the value of services provided by major household appliances purchased in a previous period c. the estimated rental value of owner-occupied homes d. All of the above are included in GDP.
If the demand curve for bologna shifts to the right as income falls then bologna is a(n):
A. complementary good. B. substitute good. C. normal good. D. inferior good.
If the equilibrium quantity is equal to the socially optimal quantity, one can infer that:
A. the supply curve for the activity is below the socially optimal supply curve. B. there is a negative externality associated with this good. C. there is no externality associated with this good. D. there is a positive externality associated with this good.