In Table 10.1, what is the number of unemployed in Year 1?
A. 15 million.
B. 75 million.
C. 90 million.
D. 105 million.
A. 15 million.
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When the price of a product increases, the passage of time usually causes the price elasticity of demand for the product to become
a. less elastic. b. more elastic. c. smaller and smaller in an absolute value. d. approximately equal to zero in the long run because of scarcity.
If the Fed pursues a contractionary monetary policy on the open market, which of the following would be the most likely result?
a. appreciation of the dollar b. increase in exports c. decrease in imports d. lower interest rates
When very few substitutes for a good exist, demand will be
A. inelastic. B. elastic. C. perfectly elastic. D. unit-elastic.
In the United States, health care spending on people ________ is six times greater than on people ________
A) under age 3; over age 65 B) aged 18 to 24; 25 to 44 C) over age 65; aged 18 to 24 D) over age 65; aged 25 to 44