The measure of how willing consumers are to buy less of a good as its price rises is called
price elasticity of demand.
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Holding all other influences constant, the quantity of labor supplied in a given time period depends
A) directly on the real wage rate so that a higher real wage increases the quantity of labor supplied. B) inversely on the real wage rate so that a higher real wage decreases the quantity of labor supplied. C) on the money wage rate not the real wage rate. D) directly on the quantity of labor demanded. E) inversely on the quantity of labor demanded.
At full employment,
A) the inflation rate is zero. B) the inflation rate must equal the natural unemployment rate. C) the unemployment rate is zero. D) real GDP exceeds potential GDP. E) the unemployment rate is equal to the natural unemployment rate.
In 2008, Zimbabwe ran out of locally produced Coca Cola and local Coke bottlers were not able to import the concentrated syrup needed to make Coke from the United States because they could not obtain U.S. dollars
A small amount of Coke was imported from South Africa, but a single bottle sold for around 15 billion Zimbabwean dollars. Zimbabwe was experiencing rapid increases in the price level, which is known as A) deflation. B) inflation. C) hyperinflation. D) stagflation.
Which of the following is a normative statement about economic growth?
A) Economic growth hurts developing countries. B) Economic growth increases GDP per capita. C) Foreign direct investment stimulates economic growth. D) Economic growth is associated with higher labor productivity growth.