In both the 1970s and the 1990s, extreme economic events caused unemployment to move in the same direction as inflation
a. True
b. False
Indicate whether the statement is true or false
True
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A reduction in wage is most likely to:
A) increase worker productivity. B) increase quantity of labor supplied. C) decrease quantity demanded of labor. D) lower worker productivity.
Which of the following is considered per se illegal under the U.S. antitrust law?
a. An agreement to fix prices of commodities. b. An agreement to maintain certain technical standards. c. An agreement to operate only in specific regions. d. An agreement to follow identical production technique.
By the 1950s, the views of the Classical economists among American economists:
A. had been largely eclipsed by Keynesian views. B. had largely replaced Keynesian views. C. were just starting to be developed in response to the Great Depression. D. were about as widely held as Keynesian views.
When price was 5, quantity demanded was 10. When price increased to 6, quantity demanded decreased to 9. Therefore, when price increased, total revenue
A. decreased from 54 to 50, indicating that demand is inelastic. B. increased from 50 to 54, indicating that demand is elastic. C. increased from 50 to 54, indicating that demand is inelastic. D. decreased from 54 to 50, indicating that demand is elastic.