As price falls, quantity demanded ___________.
Fill in the blank(s) with the appropriate word(s).
rises
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A market structure in which one firm produces a good or service that has no close substitutes is called
A) perfect competition. B) monopolistic competition. C) oligopoly. D) monopoly.
?National income (NI) is calculated by adjusting GDP for:
A. ?depreciation. B. ? investment and net exports. C. ?Social Security insurance contributions and transfer payments. D. ?corporate and personal income taxes.
Define the following terms and explain their importance to the study of macroeconomics: a. Phillips curve b. rational expectations c. indexing d. stagflation
What will be an ideal response?
Refer to the diagram and list of assumptions. If discrimination is ended, women:
(1) the labor force is comprised of 9 million men and 9 million women workers; (2) the economy has 3 occupations, X, Y, and Z, each having identical demand curves for labor; (3) men and women workers are homogeneous with respect to their labor-market capabilities; (4) women are discriminated against by being excluded from occupations X and Y and are confined to Z; and (5) aside from discrimination, the economy is competitive, and workers seek to maximize their earnings.
A. and men will both receive a wage rate of $4.
B. and men will both receive a wage rate of $5.
C. and men will both receive a wage rate of $6.
D. will receive a wage rate of $4 and men will receive a wage rate of $5.