Supply and demand both tend to be more elastic in the long run and more inelastic in the short run
a. True
b. False
Indicate whether the statement is true or false
True
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Bill just graduated with his degree in economics. Through Career Services he submitted his resume to several companies and he will visit them during the next two weeks. Bill is considered
A) not in the labor force. B) frictionally unemployed. C) structurally unemployed. D) cyclically unemployed. E) employed because he is visiting firms.
Jim has a choice between two jobs. Job A would pay him $15 an hour with certainty, and the job B is commission based where he could earn $12, with a 50% probability and $18 with a 50% probability. Which job would he choose?
a. Job A b. Job B c. Neither of the jobs d. He would choose to exit the labor market
A consumer expenditure survey reports the following information on entertainment spending: 20152016 PriceQuantityPriceQuantityMovies$75$87Concerts$302$352Music$167$1510 Using 2015 as the base year, by how much does a "cost of entertainment" index increase between 2015 and 2016?
A. 8.6 percent B. 29.4 percent C. 3.9 percent D. 13.4 percent
The World Trade Organization is designed to do the following except:
A. enforce trade agreements between nations. B. monitor trade agreements. C. ensure that trade doesn't adversely affect the environment. D. promote free trade internationally.