The aggregate supply curve can shift due to ___________ to input goods or labor.
a. dramatic changes
b. minor changes
c. reductions
d. planned changes
a. dramatic changes
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Which of the following is false? a. The price elasticity of demand measures the responsiveness of quantity demanded to a change in price
b. The price elasticity of demand is defined as the percentage change in quantity demanded divided by the percentage change in price. c. If demand is elastic, it means the quantity demanded changes by a relatively larger amount than the price change. d. All of the above are true.
Economists say that voluntary exchange makes both parties better off. What is the explanation that they offer to back up this conclusion?
If the dollar depreciates against the yen, U.S. goods sold in ________ would become less expensive and Japanese goods sold in ________ would become more expensive.
A. the United States; the United States B. the United States; Japan C. Japan; Japan D. Japan; the United States
For most of the unemployed, unemployment spells are ________
A) longer than a year B) longer than 10 years C) permanent D) shorter than three months