The 1978 Full Employment and Balanced Growth Act called for a target unemployment rate of
a. 0 percent
b. 5 percent
c. 1 percent
d. 2 percent
e. 4 percent
E
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If the price of a DVD falls from $20 to $12 and the quantity of DVDs supplied decreases from 118,000 per hour to 100,000 per hour, using the midpoint formula the elasticity of supply equals
A) 0.33. B) 2.94. C) 3.08. D) 0.23. E) -3.08.
A duopoly is a form of
A) perfect competition. B) monopolistic competition. C) oligopoly. D) monopoly.
Cross country data illustrates that rapid expansion in the supply of money over a lengthy period of time (for example, a decade) leads to
a. rapid growth of real output. b. a low real rate of interest. c. high rates of inflation. d. an inflow of capital and a high rate of investment.
Comparative statics involves
a. the application of principles of physics to economic analysis. b. the process of studying how equilibria change in response to changes in exogenous variables. c. the process of studying how exogenous variables change. d. comparing two uncertain states of the world.