If the price elasticity of supply of television sets is constant and equal to 3, a 10 percent increase in price will result in a change in quantity supplied equal to
A) 3 1/3 percent.
B) 30 percent.
C) 1/3 percent.
D) -30 percent.
B
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Which of the following is an example of an intermediate-term debt?
A) a fifteen-year mortgage B) a sixty-month car loan C) a six-month loan from a finance company D) a thirty-year U.S. Treasury bond
U.S. labor productivity had slowed down in the 1970s and 1980s, but recent data shows that labor productivity has once again increased in the country
a. True b. False Indicate whether the statement is true or false
Supply and demand provides the basic explanatory framework for constructing both microeconomic and macroeconomic models
a. True b. False Indicate whether the statement is true or false
Many economists maintain that
a. the aggregate supply curve is nearly horizontal at low levels of real GDP. b. the aggregate supply curve is nearly vertical at very high levels of real GDP. c. any change in aggregate demand will have most of its effect on output when economic activity is low but on prices when the economy is near full employment. d. All of the above are correct.