Assuming price elasticity of demand is reported as an absolute value, an elastic demand has an elasticity:
A. greater than one.
B. less than one.
C. exactly one.
D. greater than zero and less than one.
A. greater than one.
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The unemployment of some groups, such as low-skill workers, may increase as a result of the imposition of a minimum wage.
Answer the following statement true (T) or false (F)
When economists say that policy A is more efficient than policy B, they mean policy A is better than policy B.
Answer the following statement true (T) or false (F)
The aggregate supply curve slopes ________ because a ________ in the price level brings a ________ in the real wage rate
A) upward; rise; rise B) downward; fall; rise C) upward; rise; fall D) upward; fall; fall E) downward; rise; rise
Suppose that Matt quits a job with the XYZ Corporation in order to look for more rewarding employment. Matt would be
A) counted as still being employed. B) included in the economy's "hidden employment." C) counted as frictionally unemployed. D) counted as cyclically unemployed.