______________—a term referring to when a given percent price change in price leads to an equal percentage change in quantity demanded or supplied.
a. Infinite elasticity
b. Zero inelasticity
c. Constant unitary elasticity
d. Perfect elasticity
c. Constant unitary elasticity
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Gross Domestic Product is the market value of all ________ produced within a country in a given period of time
A) final goods B) intermediate goods C) final services D) intermediate services E) final goods and services
Which of the following explains the changes in the U.S. adult male labor force participation rate since 1948?
A) Fewer men consider themselves discouraged workers as compared to the past. B) More men are joining the military as compared to the past. C) More men are retiring later in life as compared to the past. D) Younger men are remaining in school longer as compared to the past.
The Keynesian approach, with its focus on aggregate demand and sticky prices, has proven useful in understanding how the economy fluctuates in the short run and why recessions and
a. natural unemployment occur. b. cyclical unemployment occur. c. structural unemployment occur. d. full unemployment occur.
Toyota (a Japanese-based company) produces Tundras in the state of Texas. In which country’s GDP is it included?
A. Japan and the United States B. Japan because Toyota is a Japanese company C. The United States because that is where it was produced D. Neither country because it is sold internationally