"Full employment" refers to the situation when there is:
A. 100% employment of the labor force
B. 0% unemployment rate
C. No frictional or structural unemployment
D. No cyclical unemployment
D. No cyclical unemployment
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The consumer price index measures the cost of:
A. a fixed basket of goods and services. B. all goods and services purchased by consumers. C. goods and services required to live above the poverty level. D. a changing basket of goods and services.
Suppose a decrease in demand causes the price to decrease from $4 to $3 and the quantity to decrease from 1,000 to 700. Using the midpoint method, the elasticity of supply equals
A) 0.81. B) 1.24. C) 2.83. D) 0.18. E) None of the above answers is correct.
Which of the following is a transfer payment?
A) Social Security payments B) the food stamp program C) a tax deduction D) an income tax credit
Joe consumes crawfish and shrimp. His utility function exhibits diminishing marginal utility of crawfish but the marginal utility of shrimp is constant. Will Joe's indifference curves be convex?
What will be an ideal response?