Other things the same, countries that offer more generous and longer-lasting unemployment insurance benefits are likely to have higher unemployment rates
a. True
b. False
Indicate whether the statement is true or false
True
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A local store noticed that when it increased the price of milk from $2.50 to $3.50 per gallon, it sold 33% less milk. Since everything else remained the same, we would say the
a. demand for milk is perfectly elastic b. demand for milk is elastic c. demand for milk is perfectly inelastic d. demand for milk is unitary elastic e. law of supply does not apply in this situation
Assume a new technology further reduces the cost of producing calculators. Also assume that consumers have cut back on their scheduled purchases in anticipation of even more cost-saving developments. As a result, we can expect
a. a decrease in price but no predictable change in output. b. a decrease in output but no predictable change in price. c. an increase in output but no predictable change in price. d. a predictable decrease in both output and price.
Suppose that the producers of copper are permitted to emit harmful pollutants, free of charge, into the air. How will the price and output of copper products in a competitive market compare with their values under conditions of ideal economic efficiency?
a. The price will be too high, and the output will be too large. b. The price will be too low, and the output will be too large. c. The price will be too low, and the output will be too small. d. The price will be too high, and the output will be too small.
In Figure 20.1, at what price is the elasticity of demand unitary?
A. $200. B. $160. C. $100. D. $40.