In the short run, the Federal Reserve faces a tradeoff between
What will be an ideal response?
inflation and unemployment
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Ceteris paribus, if a 20 percent increase in the price of shoes leads to a 10 percent increase in the quantity supplied of shoes, then the price elasticity of supply is equal to _____
a. 2 b. 20 c. 10 d. 0.5 e. 0.2
Consider an economy made up of 100 people, 50 of whom hold jobs, 10 of whom are looking for work, and 15 of whom are retired. The unemployment rate is approximately
a. 10 percent b. 12 percent c. 17 percent d. 20 percent e. 25 percent
Economists probably agree more often than they disagree.
Answer the following statement true (T) or false (F)
The use of public money to attract sports entities
A. is limited to football. B. was used by the city of Indianapolis to attract the offices of the NCAA from Kansas City. C. is now causing the Master's golf tournament to move to Las Vegas. D. is overwhelmingly in baseball.