If the price elasticity of demand for shelled, roasted, unsalted peanuts is 0.86 at current prices, a small increase in price will raise producers' total revenue
Indicate whether the statement is true or false
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
If 160 million people are employed, 15 million people are unemployed, and the population is 280 million people, the unemployment rate is
A) 57 percent. B) 62.5 percent. C) 8.6 percent. D) 9.4 percent. E) not possible to calculate without data on the labor force.
Suppose the current situation is such that the price level is 120, real GDP is $17 trillion, and GDP along the long-run aggregate supply curve is $16.6 trillion. What will take place to restore the long-run equilibrium?
A) The price level will fall until long-run aggregate supply increases to $17 trillion. B) The price level will fall and money wage rates will rise until real GDP along the long-run aggregate supply curve is $17 trillion. C) Money wage rates will rise until real GDP reaches $16.6 trillion. D) Aggregate demand will increase until both short-run and long-run aggregate supply equal $17 trillion.
Explain what is meant by "investment in children," describing the goals and methods of the parents
What will be an ideal response?