Non-inflation-adjusted ("nominal") gasoline prices reached their all-time highs in
A. 2001.
B. 2008.
C. 1991.
D. 1982.
Answer: B
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High economic growth of a country refers to
Which of the following is likely to have the narrowest bid-asked spread?
A) A Nasdaq stock B) A U.S. Treasury bill C) A corporate bond D) A Fannie Mae bond
Which of the following is correct?
a. In unionized industries, wages are below the level that would prevail in competitive markets. b. The introduction of a union in an industry increases the quantity of labor demanded in that industry, causes some workers in that industry to be unemployed, and increases wages in the rest of the economy. c. Critics argue that the allocation of labor resulting from unions is both inefficient and inequitable. d. All of the above are correct.
Suppose that consumers' preferences are well behaved in that properties 4-1 to 4-4 are satisfied. Furthermore, assume that both X and Y are normal goods and that the price of good Y decreases. Then, which of the following effects is known with certainty?
A. The income and substitution effects reinforce one another, leading to an overall increase in the consumption of good X. B. The income and substitution effects will reinforce one another, leading to an overall increase in the consumption of good Y. C. The income and substitution effects reinforce one another, leading to an overall decrease in the consumption of good X. D. The income and substitution effects will have competing effects, leading to an indeterminate impact on the consumption of good X.