The increase in the average unemployment rate in the 1970s was the result of
A) higher real wage rates.
B) an increase in the birth rate in the early 1970s.
C) repeated increases in the minimum wage.
D) an increase in the birth rate in the late 1940s and early 1950s.
E) the reduction of overly generous unemployment benefits in the 1970s.
D
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Which of the following statement is true?
a. The demand for Cheerios is less elastic than the demand for cereal b. The demand for gas is more elastic in the short-run than in the long-r c. The demand for puma shoes is more elastic than the demand for shoes d. Products with many complements have a more elastic demand
A monopolist can sell 6 units per day at $8 per unit, or 7 units per day at $7 per unit. Its marginal revenue for the seventh unit of output is: a. $49. b. $7
c. $1. d. $-1.
An increase in aggregate demand is most likely to result in
a. inflation. b. recession. c. economic stagnation. d. a decrease in real GDP.
Using the production function Real GDP = T (L, K), and the LRAS curve, describe the process by which a decline in taxes on the returns to capital impacts economic growth