The idea that no one knows for certain the shape of the aggregate supply curve contributes to
A. Design problems.
B. Goal conflicts.
C. Measurement problems.
D. Inventory problems.
Answer: A
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The cross-price elasticity of demand between Coca-Cola and Pepsi-Cola is calculated by dividing
A) the percentage change in the price of Coca-Cola by the percentage change in the price of Pepsi-Cola. B) the percentage change in quantity demanded of Coca-Cola by the percentage change in the quantity demanded of Pepsi-Cola. C) the percentage change in the quantity demanded of Coca-Cola by the percentage change in the price of Pepsi-Cola. D) the percentage change in the price of Pepsi-Cola by the percentage change in quantity demanded of Coca-Cola.
The circular flow diagram divides the economy into:
a. Domestic sector and foreign sector. b. Agricultural sector and non-agricultural sector. c. Producer sector and consumer sector. d. Operating sector and non-operating sector. e. Real sector and nominal sector.
Typically, the unemployment rate ________ during a recession and ________ during an expansion.
A. rises; does not change B. rises; falls C. rises; rises even more D. falls; rises
The more inelastic is demand and supply, the:
A. larger is the efficiency loss of an excise tax. B. smaller is the efficiency loss of an excise tax. C. higher is the proportion of an excise tax paid by consumers. D. smaller is the proportion of an excise tax paid by producers.