The money wage rate has little effect on the supply curve. It mainly affects the aggregate demand curve
a. True
b. False
Indicate whether the statement is true or false
False
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Refer to Figure 6-4. Which of the following statements about price elasticity of demand is true?
A) The inelastic portion of the demand curve corresponds to the segment above the midpoint. B) At the midpoint of the demand curve, the elasticity coefficient is zero. C) The elastic portion of a straight-line, downward-sloping demand curve corresponds to the segment above the midpoint. D) The elasticity coefficient is constant along the demand curve.
If cyclical unemployment is negative, then
A) the actual unemployment rate is below the natural rate of unemployment. B) the natural rate of unemployment is getting smaller. C) there have been some errors in classifying the type of unemployment experienced by some people. D) structural unemployment must be increasing.
The market structure called monopolistic competition is named using both monopoly and perfect competition. Why?
a. There are few firms in the market all producing identical products. b. There is just one firm whose product can be easily differentiated. c. There are a huge number of firms selling identical products at the same price. d. There are many firms with easy entry and exit but each firm sells a unique product. e. Firms spend very little on advertising and promotion and thus are price takers.
Which of the following is not part of the pollution problem?
A. The absence of markets for goods like clean air and clean water B. The lack of well-defined property rights to clean air and clean water C. The unreliability of voluntary programs to cut pollution D. The willingness of citizens to take steps to reduce detrimental externalities