In the very short-run period,
a. the price elasticity of supply is very elastic.
b. the price elasticity of demand is very elastic.
c. the cross elasticity of demand is very inelastic.
d. income elasticity is very elastic.
e. the price elasticity of supply is very inelastic.
e
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A rational choice is one that
A) must be made with perfect information. B) is made in the social interest rather than the self-interest. C) creates no costs for the decision maker. D) always turns out for the best for the decision maker. E) uses the available resources to most effectively satisfy the wants of the person making the choice.
An increase in default risk on corporate bonds ________ the demand for these bonds, but ________ the demand for default-free bonds, everything else held constant
A) increases; lowers B) lowers; increases C) does not change; greatly increases D) moderately lowers; does not change
In the Great Depression of the 1930s, the unemployment rate in the U.S. climbed to what percentage?
A) 5 B) 10 C) 15 D) 20 E) 25
A change in inflation leads to shifts of the ________ curves
A) MP, IS, & AD B) MP & IS, but not AD C) IS & AD, but not MP D) MP, but not IS nor AD E) none of the above