Refer to the graph below. Which demand curve is relatively most elastic between P1 and P2?
A. D1
B. D2
C. D3
D. D4
A. D1
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If nominal money supply grows 3% and real money demand grows 8%, the inflation rate is
A) -5%. B) 8/3%. C) 5%. D) 11%.
According to the Phillips curve, unemployment and inflation are negatively related in
a. the short run and in the long run. b. the short run, but not in the long run. c. the long run, but not in the short run. d. neither the long run nor the short run.
A product market is in equilibrium:
A. when there is no shortage of the product. B. when there is no surplus of the product. C. when consumers want to buy more of the product than producers offer for sale. D. where the demand and supply curves intersect.
Refer to Table 4-4. If a minimum wage of $10.00 an hour is mandated, what is the quantity of labor demanded?
A) 390,000 B) 370,000 C) 350,000 D) 40,000