The "Big Three" concepts of Macroeconomics are
A) profits, liquidity, and sustainability.
B) unemployment rate, inflation, and economic growth.
C) asset rebalancing, markups, and profitability.
D) federal budget, foreign trade, and quantitative easing.
B
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Suppose the absolute value of the price elasticity of demand for meals at Fortune Buffet House is ?. What happens to sales revenue if the restaurant increases its price by 5 percent?
A) Sales revenue falls by 100 percent. B) Sales revenue falls by less than 5 percent. C) Sales revenue remains unchanged. D) It cannot be determined without information on prices.
On the graph above, suppose the economy is at point F when there is a permanent positive supply shock. The new long-run equilibrium is at point ________
A) F B) H C) I D) G E) none of the above
Normative statements describe how the world is, while positive statements prescribe how the world should be
a. True b. False Indicate whether the statement is true or false
At a price of $9.50/pound, people buy 45 pounds of lamb. At a price of $10.50/pound, people buy 35 pounds of lamb. What is the arc elasticity of demand for lamb in this price range?
a. 1.0 b. 2.5 c. 0.4 d. 3.0 e. none of the