Which of the following is not a characteristic of a linear demand curve?
A. It has a constant elasticity.
B. A higher price makes the demand more elastic.
C. It has a constant slope.
D. The midpoint of the demand curve is unit elastic.
Answer: A
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A real flow in the circular flow diagram is
i. a firm's payments of wages to its workers. ii. a household's purchase of a new car. iii. a farmer's use of land to grow corn. A) i, ii and iii B) ii only C) ii and iii D) i only E) i and iii
In economics, secondary effects refer to the
a. value of the goods that an individual must give up as the result of choosing an alternative. b. indirect effects that often result from an action or policy change. c. immediate and highly visible intended consequences of an action or policy change. d. value of a good derived by the consumer.
Which of the following examples, ceteris paribus, would most likely shift the U.S. aggregate demand curve to the right?
a. Canada experiences an economic slowdown and reduces its consumption of U.S. goods. b. The U.S. dollar appreciates in value due to heavy investing by foreign investors. c. The prices for U.S. goods increase compared to the prices in other countries. d. An economic boom in Mexico leads to an increase in imports of U.S. goods.
If the number of people employed is 240,000 and the labor force is 250,000, the unemployment rate is
A. 2.4%. B. 2.9%. C. 4.0%. D. 4.7%.