National defense is an example of a club good
a. True
b. False
Indicate whether the statement is true or false
False
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Unions often attempt to obtain stricter certification requirements and/or longer apprenticeships. These changes will tend to raise union workers' wages because they
a. create unnecessary unemployment. b. shift the labor supply curve leftward. c. decrease the marginal product of labor. d. increase the demand for the product.
When a surplus exists in a market, sellers
a. raise price, which increases quantity demanded and decreases quantity supplied, until the surplus is eliminated. b. raise price, which decreases quantity demanded and increases quantity supplied, until the surplus is eliminated. c. lower price, which increases quantity demanded and decreases quantity supplied, until the surplus is eliminated. d. lower price, which decreases quantity demanded and increases quantity supplied, until the surplus is eliminated.
Which of the following is a microeconomic topic?
A. the increase in the employment level of the United States in the past year B. the marketing strategy of the Apple Computer company C. the rate at which the cost of living has increased in Canada D. the increase in the amount of imports from China to the United States
The midpoint formula is used to measure the elasticity of demand between two points on a demand curve
A) when demand is elastic. B) in special cases when the percentage change in the quantity demanded is equal to the percentage change in price. C) to ensure that the elasticity has a negative value. D) to ensure that we have only one value of the price elasticity of demand between two points on a demand curve.