Each person in the population can be classified as employed, unemployed, or not in the labor force
a. True
b. False
Indicate whether the statement is true or false
True
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The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
Briefly discuss the determinants of demand other than price
What will be an ideal response?
Solar vehicles that operate on photovoltaic cells:
a. are economically efficient today as compared to gasoline vehicles. b. are not economically efficient because they create greater negative externalities than gasoline vehicles. c. are not economically efficient even though they create fewer negative externalities than gasoline vehicles. d. should be subsidized by government so that they cost less than gasoline automobiles.
Everything else held constant, the greater the number of close substitutes there are for a good, the smaller the price elasticity of demand for that good
a. True b. False Indicate whether the statement is true or false