If demand for a product is price elastic, the absolute value of the price elasticity coefficient is _________
Fill in the blank(s) with the appropriate word(s).
Answer: greater than one
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Answer the following statement(s) true (T) or false (F)
1. In the Circular Flow Model, money flows are disregarded. 2. Within the Circular Flow Model, households are assumed to be the owners of all factors of production, including the natural resources. 3. Residuals are by-products, or pollution, left in the environment after a technological or natural process as occurred. 4. The discipline concerned with the resource flow from economic activity back to nature is known as natural resource economics. 5. According to the first law of thermodynamics, matter and energy can be destroyed but not created.
Any change that causes an increase in the demand for labor at a given wage rate will be represented by a(n) ________, assuming all else equal
A) rightward shift of the labor demand curve B) leftward shift in the labor demand curve C) downward movement along the labor demand curve D) upward movement along the labor demand curve
If the demand for a product decreases and the supply of the same product increases, the equilibrium quantity will increase
Indicate whether the statement is true or false
Countercyclical fiscal policy is viewed by most economists
a. as the perfect instrument for preventing boom and bust economies b. as a useful but imperfect instrument for reacting to boom and bust economies c. having no impact in the short run or long run. d. doing more damage than good in both the short run and long run. e. as having an impact only in the long run.