When the gross domestic product is growing, it is called inflation.
a. true
b. false
Answer: b. false
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Jaycee Jeans sold 40 pairs of jeans at a price of $40. When it lowered its price to $20, the quantity sold increased to 60 pairs. Calculate the absolute value of the price elasticity of demand. Use the midpoint formula
A) 1.67 B) 1.0 C) 0.6 D) 0.53
In Belgium, Norway, and Sweden, the percentage of workers who belong to unions is
a. almost zero. b. less than it is in the United States. c. about the same as it is in the United States. d. greater than it is in the United States.
In general, as wages go up:
A. people are willing to work less. B. the opportunity cost of leisure goes down. C. people will always work more. D. the opportunity cost of leisure goes up.
Investment accounts for ________ of US GDP
A) 15% B) 20% C) 50% D) 70%