If the price of a good doubles and quantity supplied triples, then
a. demand is elastic
b. demand is inelastic
c. supply is inelastic
d. supply is elastic
e. there is insufficient information to reach any conclusion about the price elasticity of supply
D
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The economy is considered to be at full employment when
a. the actual rate of unemployment is less than the natural rate. b. the leading economic indicators are unchanged for two consecutive quarters. c. structural unemployment is zero. d. frictional plus structural unemployment is less than the natural rate. e. the rate of cyclical unemployment is zero.
Which oligopoly model leads to price rigidity? Graphically show why.
What will be an ideal response?
In reference to industrial policy, networks of interdependent firms, universities, and businesses that focus on production of a specific type of good are called:
A. vertical industries. B. integrated industries. C. bundles. D. clusters.
All of the following are aspects of macroeconomics EXCEPT
A. the production decisions of a pharmaceutical firm. B. the U.S. unemployment rate. C. foreign trade. D. the budget deficit of the United States.