The figure above illustrates a linear demand curve. In the range from $8 to $6
A) the demand is price elastic.
B) the demand is unit elastic.
C) the demand is price inelastic.
D) more information is needed to determine if the demand is price elastic, unit elastic, or inelastic.
A
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The inflation rate can be obtained by ________
A) dividing the nominal GDP by the GDP deflator B) subtracting the real GDP from the nominal GDP C) multiplying the CPI by GDP D) subtracting the growth in real GDP from the growth in nominal GDP E) none of the above
What statement best describes the colonial economic experience?
a. The agricultural sector was initially a small portion of the economy, but quickly grew to be the largest sector. b. By the time of the American Revolution, the U.S. colonial economy was larger than about 70 percent of other nation's economies. c. The U.S. colonial economy was particularly hurt during the Seven Year's War. d. Economic growth was irregular and averaged about 0.45% per year.
When long-run average total cost increases as output increases, a firm experiences
a. diseconomies of scale b. economies of scale c. constant returns to scale d. decreasing marginal cost e. greater total cost in the long run than in the short run
The occurrence of bank failures in the United States
a. ended after 1933 and the creation of the FDIC. b. increased dramatically during the Clinton administration. c. reappeared in intensity in the late 1990s and early 2000s. d. reappeared in the 1980s and early 1990s and again in 2006.