In the early 1990s, European unemployment rose largely because of
A) reductions in stock prices.
B) undervalued currencies.
C) overvalued currencies.
D) high inflation.
E) none of the above
A
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Refer to Figure 24-1. Ceteris paribus, a decrease in personal income taxes would be represented by a movement from
A) AD1 to AD2. B) AD2 to AD1. C) point A to point B. D) point B to point A.
A price ceiling is imposed in a market at $13, well below its equilibrium level. The equilibrium quantity is 27 units if the market was in equilibrium. Which of the following must be true?
a. There is an excess demand at $13. b. There is an excess supply at $13. c. The equilibrium price must be less than $13. d. Quantity supplied is greater than 27 units at $13. e. Quantity demanded is less than 27 units at $13.
"Assume that all individuals have perfect information about prices now and in the future, that they have identical tastes, that all markets are competitive, and that there is no government." This statement is indicative of how economists
a. apply the law of supply and demand. b. employ marginal analysis. c. are prevented from getting correct answers. d. abstract for analytic purposes. e. use realistic assumptions to develop theory.
The long-run labor demand curve is:
A. more elastic than the short-run labor demand curve. B. less elastic than the short-run labor demand curve. C. either more or less elastic than the short-run labor demand curve. D. perfectly elastic (horizontal).