A decrease in the demand for chocolate with no change in supply will create a ________ of chocolate at today's price, but gradually the price will ________
A. surplus; fall
B. shortage; fall
C. surplus; rise
D. shortage; rise
A Figure 4.11(b) on page 100 illustrates this case of a decrease in demand.
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If the price of natural gas rises, when is the price elasticity of demand likely to be the highest?
a. immediately after the price increase b. one month after the price increase c. three months after the price increase d. one year after the price increase
Microeconomics focuses on ____; macroeconomics concentrates on ____.
A. the basic tools of analysis; the use of abstractions and models B. the economies of various countries; the decisions of individual companies C. the decisions of individual units; the behavior of entire economies D. the economic aggregates; the decisions of individual units
Balin recently lost his job as a dog trainer because of a recession. He is seeking a new job, but his prospects appear dim until the economy recovers. Based on this description, Balin is best described as:
A. structurally unemployed. B. frictionally unemployed. C. not in the labor force. D. cyclically unemployed.
Which is NOT an example of inelastic supply?
A. Tickets to a sold-out concert B. Bottled water C. Hotel rooms in a city during a convention D. Golf courses in a county