The price elasticity of supply equals the percentage change in the
A) quantity demanded divided by the percentage change in the price of a substitute or complement.
B) quantity supplied divided by the percentage change in price.
C) quantity demanded divided by the percentage change in price.
D) supply divided by the percentage change in the demand.
E) quantity supplied divided by the percentage change in the quantity demanded.
B
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Economists define full employment as the level of employment that results when
a. the economy is in an economic boom. b. the rate of unemployment is zero. c. the rate of unemployment has fallen to its historical low of approximately two percent. d. the rate of unemployment is normal, considering both frictional and structural factors.
Individuals who have stopped looking for work after an active search because of the lack of transportation, lack of affordable child care, etc. are classified as ________ workers.
A. non-contributing B. nonfunctional C. marginally attached D. very lazy
In the former USSR, state planners decided what was to be produced. They passed orders down to factories, allocating raw materials, workers, and other factors of production to them. This is an example of (a):
A. market economy. B. corporation. C. government as a referee. D. command economy.
Which of the following does NOT involve transfers in kind?
A) public housing B) food stamps C) Medicare D) income tax refund