The unemployment rate measures the number of unemployed people expressed as a percentage of the total population
a. True
b. False
Indicate whether the statement is true or false
False
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If 400 apple pies are sold at $4 per pie, but 600 apple pies are sold at $3 per pie, we know: a. that the demand for pies is elastic over that price range
b. that the demand for pies is inelastic over that price range. c. that the demand for pies is unit elastic over that price range. d. nothing about the elasticity of demand.
Assume that the expectation of declining housing prices cause households to reduce their demand for new houses and the financing that accompanies it. If the nation has highly mobile international capital markets and a flexible exchange rate system, what happens to the real risk-free interest rate and real GDP in the context of the Three-Sector-Model?
a. The real risk-free interest rate falls, and real GDP rises. b. The real risk-free interest rate and real GDP remain the same. c. The real risk-free interest rate rises, and real GDP falls. d. The real risk-free interest rate falls, and real GDP remains the same. e. The real risk-free interest rate falls, and real GDP falls.
A labor union can increase wages by exercising market power on behalf of workers.
Answer the following statement true (T) or false (F)
The distinction between microeconomics and macroeconomics is
A. determined by economists in a clear and concise manner. B. narrowly drawn, and microeconomic analysis often relies on macroeconomic tools. C. often blurred because aggregates are made up of individuals and firms. D. clearly drawn, and there is no overlap between them.