A reduced demand for lawyers' services to prosecute damage suits
A) lowers the cost of hiring a lawyer to draw up a will.
B) raises the cost of hiring a lawyer to draw up a will.
C) raises the demand for lawyers' services in drawing up wills.
D) will not affect the cost of hiring a lawyer to draw up a will though it could affect lawyers' fees.
A
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We assume flexible prices in the long run, but whenever it is costly to change prices (menu costs) or when there are long-term contracts for labor or capital:
a. short-run prices tend to be flexible. b. short-run prices tend to be sticky. c. long-run prices tend to be sticky. d. firms have to pay higher costs and therefore have to raise prices.
When describing the IMF broad country classification, the most accurate statement is that
A) most of the nations in Western Europe are considered emerging market economies. B) the emerging market economies are countries that were, until the early 1990s, part of the Soviet Union or its satellites. C) about 50 percent of the world's population live in the advanced economies and the other 50 percent live in the emerging market and developing economies. D) most of the world's population lives in advanced economies. E) the category with the greatest number of countries is the advanced economies.