If 50 units are sold at a price of $20 and 80 units are sold at a price of $15, what is the absolute value of the price elasticity of demand? Use the midpoint formula
A) 0.17 B) 0.62 C) 1.62 D) 5
C
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Unemployment that has an entirely macroeconomic cause is called
a. frictional unemployment b. seasonal unemployment c. structural unemployment d. cyclical unemployment e. short-term unemployment
Those economists who attempt to explain why wages and prices do not freely adjust would most likely be
A) real business cycle theorists. B) new classical economists. C) new Keynesian economists. D) new growth theorists. E) none of the above
Each of the following is an example of a restrictive covenant on a mortgage loan, except:
A. requiring that the borrower reside in a home for which he or she receives a mortgage. B. requiring the borrower to obtain comprehensive health insurance. C. net worth requirements. D. insisting the borrower carry physical damage insurance on the property securing the loan.
According to the Pew Charitable Trust methodology for identifying the middle class, if people near the boundary between the upper middle and highest income class gain more income, the middle class will ________
A. increase, and that is unambiguously a bad thing. B. shrink, and that is unambiguously a bad thing. C. shrink, but that is unambiguously a good thing. D. increase, but that is unambiguously a good thing.