The Phillips Curve relates
A. the unemployment rate to inflation.
B. the real wage to the natural rate of unemployment.
C. the unemployment rate to the real wage.
D. the unemployment rate to economic growth.
E. the real wage to total employment.
Answer: A
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If there is a decrease in the price of the final good that an industry produces, the labor demand curve in the industry is likely to:
A) shift to the left. B) shift to the right. C) become vertical. D) become horizontal.
The price elasticity of demand for Stork ice cream is -4. Suppose you're told that following a price increase, quantity demanded fell by 10 percent. What was the percentage change in price that brought about this change in quantity demanded?
A) 40 percent B) 25 percent C) 2.5 percent D) 0.4 percent
The neighborhood ice cream shop finds that when it charges $3 per ice cream cone, its total revenues are $90,000 . It has total variable costs of $30,000 and total fixed costs of $40,000 . From this we can infer the:
a. shop should be moved because the rent is too high. b. price is less than average total cost. c. economic profits are $20,000. d. shop will be closed in the long run. e. shop sells 10,000 ice cream cones.
Overfishing and extinction of species arise because of:
a. an abundance of natural resources. b. communist countries. c. the lack of incentive to take care of these species. d. private ownership of these resources. e. a high degree of economic freedom in all countries.