If the price elasticity of demand for moose hunting lessons is 4.23, then the demand for moose hunting lessons is
A) elastic.
B) unit elastic.
C) inelastic.
D) perfectly unit elastic.
E) perfectly elastic.
A
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If a large number of workers are classified as being out of the labor force when they are really looking for work, this will lead to an official unemployment rate that is
A) overstated. B) understated. C) neither overstated or understated. D) unbiased.
The principal-agent problem refers to the fact that firms must
A) choose between economic efficiency and technological efficiency. B) choose between a managerial and an incentive system. C) devise incentives to get employees to work in the best interest of the firm's owners. D) choose between operating as a partnership or corporation.
The Clayton Act of 1914 was passed to prohibit, in part
A) price discrimination if the effect is to substantially lessen competition or create monopoly. B) unfair methods of competition and unfair or deceptive business practices. C) combinations, trusts, or conspiracies that restrict interstate or international trade. D) business practices that allow one firm to profit at the expense of another whenever the first firm is a monopoly.
In the circular-flow diagram, firms produce
a. goods and services using factors of production. b. output using inputs. c. factors of production using goods and services. d. Both (a) and (b) are correct.