Seasonally adjusted unemployment rates
A) are the same as the unadjusted rates in periods of bad weather.
B) are not calculated for the U.S. economy.
C) adjust for the predictable summer increase in the unemployment rate for teenagers.
D) adjust for the predictable summer decrease in the unemployment rate for teenagers.
C
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In the figure above, the poorest 40 percent of all households receive what share of income?
A) 10 percent B) 20 percent C) 40 percent D) 60 percent
If a $1 increase in price leads to a 3-unit decrease in quantity demanded, then demand must be elastic
Indicate whether the statement is true or false
Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
Suppose Toor's beer is sold in a monopolistically competitive market. If the price of Toor's is currently $2 and the average cost of producing Toor's is $1, in the long run we can expect:
A. the demand for Toor's beer to increase. B. the price of Toor's beer to decrease, and the average cost of producing Toor's to increase. C. the demand curve for Toor's beer to become horizontal. D. no change in the price or average cost of producing Toor's beer.