Assume that when a lamp manufacturer decreases its price its total revenue does not change. What do we know?
A. Demand is price inelastic.
B. Demand is price elastic.
C. Demand is unit elastic.
D. Demand is perfectly price elastic.
Answer: C
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"Moving along the AS curve, the real wage rate is constant while moving along the potential GDP line, the real wage rate changes." Explain whether the previous statement is correct or incorrect
What will be an ideal response?
A discouraged worker is one who:
a. is underqualified for the current job. b. dislikes the current job but is afraid to quit. c. drops out of the civilian labor force because he/she cannot find a job. d. quits his/her job because the possibility of advancement was very low. e. is overqualified for the current job.
If we choose more work we sacrifice leisure
a. True b. False Indicate whether the statement is true or false
"Full employment" is said to exist when the actual unemployment rate is zero
Indicate whether the statement is true or false