The difference between the average earnings of eye surgeons and those of janitors is an example of
a. a temporary differential
b. a permanent differential
c. a resource price difference that will cause a reallocation of resources to different uses
d. a temporary difference that will be eliminated through the reallocation of resources to different uses
e. a differential caused by a lack of resource mobility
B
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If the coefficient of elasticity is 25,
A) demand is 25%. B) demand is about to change for the better. C) demand is very elastic. D) demand is very inelastic. E) the law of demand hardly applies.
Since the U.S. economy expanded rapidly from 1992 to 2000, it must be true that
a. fiscal contraction overwhelmed monetary expansion. b. monetary expansion overwhelmed fiscal contraction. c. monetary expansion exactly offset fiscal contraction. d. monetary contraction overwhelmed fiscal expansion.