When the economy is operating at full employment, the natural unemployment rate consists of only
A) cyclical unemployment.
B) frictional and structural unemployment.
C) frictional and cyclical unemployment.
D) structural and cyclical unemployment.
B
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The table above gives the demand schedule for snow peas. The price elasticity of demand between $6.00 and $7.00 per bushel is
A) 1.0. B) 2.0. C) 2.6. D) 5.0.
Define the concentration ratio
What will be an ideal response?
If the income elasticity of demand for a good is 0.5, then
a. it is a normal good, and its demand curve will shift to the left if buyers' incomes increase b. it is a normal good, and its demand curve will shift to the right if buyers' incomes increase c. it is an inferior good, and its demand curve will shift to the right if buyers' incomes increase d. it is an inferior good, and its demand curve will shift to the left if buyers' incomes increase e. there is insufficient information to determine whether the good is normal or inferior
Suppose there is a tornado that levels a city. As rebuilding begins, how might you analyze this effect in the market for lumber?
A. The demand for lumber would increase, increasing both the equilibrium price and quantity. B. The demand for lumber would increase, decreasing the equilibrium price and increasing the equilibrium quantity. C. The supply of lumber would decrease, increasing the equilibrium price and decreasing the equilibrium quantity. D. The supply of lumber would increase, decreasing the equilibrium price and increasing the equilibrium quantity.