A perfectly inelastic demand curve
a. Is a horizontal curve parallel to the horizontal axis
b. Has an elasticity of demand between 0 and 1
c. Represents the demand curve of a product with no close substitutes
d. None of the above
c
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Refer to the figure above. What is the equilibrium employment when the labor demand curve is LD2 and the labor supply curve is LS2?
A) 10 units B) 20 units C) 5 units D) 15 units
For the period 1947-2012 in the United States, the money supply was
A) procyclical and leading. B) procyclical and lagging. C) countercyclical and leading. D) countercyclical and lagging.
Over the next few years, several newly constructed office blocks will become available at the World Trade Center site. As well, economists expect the New York economy will continue to exhibit modest growth
What is the expected outcome for the office space market in downtown Manhattan? A) Unambiguously higher equilibrium rental rates and quantity B) Unambiguously lower equilibrium rental rates and quantity C) Unambiguously higher rental rates, and equilibrium quantity could be higher or lower D) Unambiguously higher equilibrium quantity, and equilibrium rental rates could be higher or lower
As the size of a tax increases, the government's tax revenue rises, then falls
a. True b. False Indicate whether the statement is true or false