Even though price elasticity of demand is always ________, by convention its absolute value is always discussed as a ________
A) negative; prime number
B) positive; negative number
C) a fraction; whole number
D) negative; positive number
Answer: D
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If a macroeconomic variable tends to aid in predicting the future path of real GDP, it is said to be a
A) convenient variable. B) coincident variable. C) leading variable. D) lagging variable.
The demand curve facing a monopolist is
A) downward sloping. B) upward sloping. C) horizontal. D) vertical.
Which of the following groups is most highly unionized?
a. private wage and salary workers b. government employees c. technical, sales, and service workers d. women
Which of the following statements is normative?
A. A large budget surplus is likely to lower interest rates. B. High taxes tend to decrease saving. C. When the Federal Reserve increases the money supply, interest rates decrease. D. Large budget deficits should be avoided.