Which one of the four statements below is NOT like the others?
A. "The actual rate of unemployment is below the NAIRU."
B. "Actual GDP is higher than potential GDP."
C. "The NAIRU is lower than the natural rate of unemployment."
D. "The natural rate of unemployment is higher than the actual rate of unemployment."
Answer: C
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A) steeply upward sloping B) slight upward sloping C) flat D) downward sloping
A perfectly inelastic demand:
A. means people will quickly change the quantity they purchase when price changes. B. means people will not respond to any change in price. C. is demonstrated by a perfectly horizontal demand curve. D. has an absolute value greater than 1.
There are some special types of goods for which supply cannot change, irrespective of the length of time allowed for change, such as Beethoven symphonies. The price elasticity of supply for these goods is _____
a. infinite b. nonexistent c. negative d. zero e. unity
U.S. corporations are not motivated to protect the interests of small shareholders
a. True b. False