Which one of the following depicts an accurate description of the household survey and the establishment? survey?
What will be an ideal response?
The household survey interviews households and collects data that is used to measure the unemployment rate whereas the establishment survey interviews businesses and measures total employment in the economy.
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The percentage change in the demand for one good divided by the percentage change in the price of a related good is the
A) price elasticity of demand. B) price elasticity of supply. C) cross price elasticity of demand. D) income elasticity.
When consumers lose confidence in the future of their economy, they begin to consume more, and this causes the aggregate demand curve to shift to the right
a. True b. False Indicate whether the statement is true or false
A subsidy on a product will generate more actual benefit for consumers (and less for producers) when
a. the supply of the product is relatively inelastic. b. the supply of the product is relatively elastic. c. the demand for the product is relatively elastic. d. either a or c is true.
The phrase "no such thing as a free lunch" means
a. people must face tradeoffs. b. rational people think at the margin. c. people respond to incentives. d. trade can make everyone better off.