Given percentage change in supply and the price elasticity of supply, percentage change in equilibrium price is zero if demand curve is perfectly inelastic
Answer the following statement true (T) or false (F)
False
You might also like to view...
With labor migration, the country of origin experiences:
A. An increase in output and a rising wage rate B. An increase in output and a falling wage rate C. A decrease in output and a falling wage rate D. A decrease in output and a rising wage rate
In the above figure, suppose the economy is at a short-run equilibrium at point B and the interest rate is r2. Which of the following policy options for the Fed will help solve the short-run situation?
A) open market sale of government securities B) lowering the required reserve ratio C) lowering the differential between the discount rate and the federal funds rate D) open market purchase of government securities
Implicit costs involve an exchange of money
Indicate whether the statement is true or false
Suppose that over the last twenty-five years a country's nominal GDP grew to three times its former size. In the meantime, population grew by 40 percent and prices rose by 100 percent. What happened to real GDP per person?
a. It more than doubled. b. It increased, but it less than doubled. c. It was unchanged. d. It decreased.