When the absolute price elasticity of demand is greater than 1, demand is
A. elastic.
B. unit-elastic.
C. inelastic.
D. undetermined without more information.
Answer: A
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The unemployment rate for the economy as a whole is a(n)
a. normative value judgment b. positive value judgment c. microeconomic statistic d. macroeconomic statistic e. example of an economic model
Goods produced in the United States and sold in other countries are called
A) imports.
B) foreign goods.
C) capital goods.
D) exports.
E) capital account goods.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point E necessarily represents
A. only motorcycles being produced. B. overallocation of resources. C. an impossible production point. D. technological advancement.
In general, the production and use of capital ________ the productivity of labor and normally ________ wages.
A. diminishes; drives down B. has no effect on; has no effect on C. enhances; drives down D. enhances; drives up