The period of declining growth in real GDP between the peak of the business cycle and the trough is called the
a. contractionary phase.
b. boom.
c. expansionary phase.
d. stationary phase.
A
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If the supply of hotel rooms falls and all other relevant factors remain unchanged, then,
a. the demand for hotel rooms will fall. b. the quantity demanded of hotel rooms will fall. c. the demand for hotel rooms will rise. d. the quantity demanded of hotel rooms will rise.
If barbers in Mexico are just a productive as their counterparts in the United States then why do they earn lower wages?
What will be an ideal response?
Which of the following statements is true?
A) If both demand and supply increase there must be an increase in equilibrium price; equilibrium quantity may either increase or decrease. B) An increase in demand causes a change in equilibrium price; the change in price does not cause a further change in demand or supply. C) If demand decreases and supply increases one cannot determine if equilibrium price will increase or decrease without knowing which change is greater. D) A decrease in supply causes equilibrium price to rise; the increase in price then results in a decrease in demand.
When demand is inelastic
A) quantity demanded is very responsive to a change in price. B) quantity demanded is not very responsive to a change in price. C) the proportional change in quantity demanded is equal to the proportional change in price. D) producers react quickly to price changes.