Necessities tend to have elastic demands, whereas luxuries tend to have inelastic demands
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following statements is true?
A) According to the labor supply curve, as the real wage rises, more workers leave the labor force. B) According to the labor supply curve, as the real wage rises, employers are willing to provide fewer jobs. C) According to the labor supply curve, as the real wage rises, workers are willing to provide fewer hours of labor. D) According to the labor supply curve, as the real wage rises, workers are willing to provide more hours of labor. E) According to the labor supply curve, as the real wage rises, employers are willing to provide more jobs.
Expansionary fiscal policy ________ the price level and ________ equilibrium real GDP
A) increases; decreases B) decreases; increases C) decreases; decreases D) increases; increases
Which of the following steps should you follow when using a formula?
A) Make sure the number you calculate using the formula is economically reasonable
B) Make sure you understand the economic concept the formula represents
C) Make sure you are using the correct formula for the problem you are solving
D) All of the above are steps you should follow when using a formula
The term investment as it is used by an economist refers to
A. the creation of new capital. B. the net worth of a company's financial assets. C. the act of buying a share of stock or a bond. D. a household's savings.