The demand for gasoline in the short run is
A) elastic because people can easily switch to public transportation.
B) perfectly inelastic because people have no choice but to buy gasoline.
C) unit elastic because people tend to consume a stable amount of gasoline per period.
D) inelastic because there are very few good substitutes for gasoline.
Answer: D
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A job loser is an individual
A) in the labor force whose employment was involuntarily terminated. B) who used to work full time but left the labor force and has now reentered it looking for a job. C) in the labor force who quits voluntarily. D) who has never held a full-time job lasting two weeks or longer but is now seeking employment.
A merger wave can be set off
a. by government restrictions that prevent firms from reaching their minimum efficient scale b. if the federal government raises corporate income taxes. c. if the federal government lowers corporate income taxes d. if minimum efficient scale falls e. by some change in a market, such as a shift in market demand.
The income effect of higher wages leads workers to want to work more
a. True b. False Indicate whether the statement is true or false
The increase in productivity in the 2000's was most similar to that of the
A. 1960's B. 1970's C. 1980's D. 1990's