Which of the following sentences is the best example of scarcity of time?
a. Peter buys a hamburger.
b. John-Michael wants to spend his money on a new hoverboard.
c. Alexander is doing homework instead of going to the movies with his friends.
d. Amanda, a geography teacher, is retired and spends her time gardening.
e. Bill is unemployed.
c. Alexander is doing homework instead of going to the movies with his friends.
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An increase in demand will cause the equilibrium price and quantity to rise, ceteris paribus
Indicate whether the statement is true or false
Structural unemployment
A) falls during the expansion phase of the business cycle. B) falls as the pace of technological progress increases. C) generally lasts longer than frictional unemployment. D) falls when the government provides more generous unemployment compensation benefits.
In the above figure, to achieve efficiency, the government should
A) impose a tax of $2 per unit. B) impose a tax of $3 per unit. C) offer a subsidy of $2 per unit. D) offer a subsidy of $3 per unit.
If, when price changes by 35 percent, the quantity demanded changes by 7 percent, then the absolute value of the price elasticity of demand is 5
Indicate whether the statement is true or false