The price elasticity of supply
A) is the slope of the supply curve.
B) is the percentage change in quantity supplied divided by the percentage change in price.
C) is always negative.
D) does not vary between the long and the short run.
B
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If the market price of a product increases, then the total
A) consumer surplus will decrease. B) consumer surplus will increase. C) revenues of sellers will definitely increase. D) revenues of sellers will definitely decrease.
Unemployment insurance tends to lead to the unemployed worker spending less time unemployed
Indicate whether the statement is true or false
The inflationary gap is the
a. inflation rate that will occur from excess aggregate demand. b. budget deficit that caused the inflation to occur. c. distance between the equilibrium level of output and the full employment level of output. d. gap between expected and actual inflation.
Talona's latest economic data indicates that the growth rate of gross domestic product (GDP) is 0.08 percent and the unemployment rate is 8.1 percent, while Genovia's economic data indicates a continuing upward pressure on price levels. Diagnose the current health of each of these economies, and provide your prescription of the appropriate monetary policy remedy needed in each instance