Europe may not be an optimum currency area because
A) people speak different languages.
B) workers are not very mobile.
C) the countries do not trade very much with each other.
D) financial markets are weak.
B
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The demand for insulin is quite inelastic. The demand for Pepsi is quite elastic. Suppose the elasticity of supply for insulin is the same as the elasticity of supply for Pepsi
If a $0.20 tax was imposed on each of these goods (holding everything else constant), which consumers would pay more of the tax? A) the Pepsi consumers B) the insulin consumers C) There would be no difference in the amount of tax paid by the consumers. D) More information is needed to determine which consumers pay more of the tax. E) The premise of the question is wrong because the elasticity of demand and the incidence of a tax are not related.
Refer to the above table. What is the marginal factor cost when the firm employs the second unit of labor?
A) $19
B) $21
C) $36
D) $38