In the above figure, suppose the economy is at point a. If there is an increase in real GDP, there is a movement to point such as
A) b.
B) c.
C) d.
D) e.
C
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Full-time students and prisoners are ________
A) not in the labor force B) in the labor force C) counted as discouraged workers D) counted as unemployed
Which of the following is an example of strategic entry deterrence?
A) Marginal cost pricing. B) Limit pricing. C) Price leadership. D) Mark-up pricing.
Shaina and Mariah have a business that provides personal fitness training services. They know that after raising their prices from $100 to $150 per hour, the quantity of hours they spent delivering training services fell from 45 to 40 hours per week. The demand for their services is:
a. elastic, with a price elasticity coefficient greater than one. b. elastic, with a price elasticity coefficient less than one. c. inelastic, with a price elasticity coefficient greater than one. d. inelastic, with a price elasticity coefficient less than one.
If the price of inputs rises and personal income taxes rise:
a. Aggregate demand rises and aggregate supply falls. b. Aggregate demand rises, but aggregate supply does not change. c. Aggregate demand falls and aggregate supply rises. d. Aggregate demand rises and aggregate supply rises. e. Aggregate demand falls and aggregate supply falls.