Which of the following is likely to have the highest price elasticity of demand?
A. running shoes
B. shoes
C. Nike running shoes
D. The price elasticity of demand will be the same for all of the answers listed.
Answer: C
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The unemployment rate is interpreted as the percentage of the
A. able-bodied population who are not working. B. labor force that are not employed. C. workforce that have been laid off. D. adult population who are unemployed.
Refer to Scenario 13.1. At your negotiated price the producer surplus is:
A) $0. B) $50. C) $200. D) $250. E) $300.
Which of the following is true?
a. Inflation and unemployment rates can both decrease in the short run in response to negative supply shocks. b. Inflation and unemployment rates cannot both increase or both decrease in the short run in response to changes in aggregate demand. c. Inflation and unemployment rates can both increase in the short run in response to positive supply shocks. d. All of the above are true.
Suppose that the demand for digital cameras is elastic, and the supply of digital cameras is inelastic. A tax of $20 per camera levied on digital cameras will decrease the effective price received by sellers of digital cameras by
a. less than $10. b. $10. c. between $10 and $20. d. $20.