If the demand for a good is determined to be "elastic," then the elasticity measure
A) is greater than 1.0.
B) is equal to 1.0.
C) is less than 1.0.
D) is infinite.
A
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In a market system, the major coordination tasks are carried out
A. with the approval of central planners. B. as part of the regular appropriation process of Congress. C. irregularly by the major corporations. D. automatically by the market mechanism.
Rank the following goods from least to most elastic: gasoline, Unocal gasoline, gasoline at Murph's Unocal Station
A) Gasoline, Unocal gasoline, gasoline at Murph's Unocal Station B) Gasoline, gasoline at Murph's Unocal Station, Unocal gasoline C) Gasoline at Murph's Unocal Station, Unocal gasoline, gasoline D) Unocal gasoline, gasoline at Murph's Unocal Station, gasoline E) Unocal gasoline, gasoline, gasoline at Murph's Unocal Station
Which of the following examples would most likely be an unintended consequence of minimum wage?
a. Omar is fired from his low-skilled job but receives a large severance package. b. Linda receives on-the-job training, which could lead to a promotion. c. Josh receives a sizable bonus for the first time. d. Mary has her vacation time reduced from two weeks to one week.
The slope of the aggregate demand curve illustrates that real GDP demanded will increase when
A. the price level rises. B. the price level falls. C. real income rises. D. real income falls.