If a good has an absolute price elasticity of 1, the demand for the good is
A) unit elastic.
B) inelastic.
C) perfectly elastic.
D) elastic.
A
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If Federal Reserve notes and coins are $765 billion, and banks' reserves at the Fed are $8 billion, the gold stock is $11 billion, and the Fed owns $725 billion of government securities, what does the monetary base equal?
A) $765 billion B) $773 billion C) $776 billion D) $744 billion E) $1,509 billion
Who of the following is counted as unemployed?
A) Rene, a retired chemist B) Homer, a full-time student at a vocational school C) Kim, a worker on strike from her company for a week D) Glenn, a student who just graduated from college last week and is currently looking for a job
In this economic system, private citizens own all of the factors of production to make products and create profits.
A. socialist economy B. Capitalist economy C. Command economy D. Mixed socialist economy
If the equilibrium wage in the market for unskilled labor is $8.00 per hour and the government sets a minimum wage at $8.00 per hour, which of the following will occur?
A. The minimum wage will have no effect because it is set at the equilibrium wage. B. Some unskilled workers will lose their jobs. C. The wages paid to unskilled workers will rise. D. The number of workers employed in the market will increase.