The price elasticity of demand equals the slope of the demand curve
Indicate whether the statement is true or false
FALSE
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Jewelry workers and maintenance workers both get paid $4 an hour. Their supply curves are identical. The demand curve for jewelry workers is more elastic than the demand curve for maintenance workers. An increase in the minimum wage to $5.25 an hour will create
a. greater unemployment among jewelry workers than maintenance workers b. greater unemployment among maintenance workers than jewelry workers c. a shortage of jobs among maintenance workers d. a shortage of jobs among jewelry workers e. a wage differential between the two sets of workers
Which of the following would most likely cause a nation's currency to depreciate?
a. an increase in domestic real interest rates b. an increase in exports coupled with a decline in imports c. an increase in the nation's inflation rate d. a balance of trade surplus
Changes in the GDP deflator reflect only changes in the prices of goods and services
a. True b. False Indicate whether the statement is true or false
What is a factory building an example of?
a) human capital b) physical capital c) an economic trade-off d) technology