If a price increase from $20 to $40 causes quantity demanded to decrease from 100 units to 50 units, one can conclude that demand for the product is _____
a. inelastic
b. elastic
c. perfectly inelastic
d. perfectly elastic
e. unit-elastic
a
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The primary component of photochemical smog is
a. lead c. sulfur dioxide b. tropospheric ozone d. carbon dioxide
The price elasticity of demand for labor will be greater, the
A) greater is the price elasticity of demand for the final product. B) more difficult it is to employ substitute inputs in production. C) smaller is the proportion of wage costs in the total cost of production. D) shorter is the time period under examination.
Someone who is out of work because they are between jobs is experiencing
a. frictional unemployment. b. structural unemployment. c. seasonal unemployment. d. cyclical unemployment.
What would be the most likely reason for a government to introduce a tax decrease?
a. impeding a monopoly b. reducing unemployment c. lowering interest rates d. overcoming inflation