Some supporters of Keynesian economics advocate a ______ degree of government planning in all parts of the economy.
a. limited
b. low
c. moderate
d. high
d. high
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The price of a new portable CD player falls from $100 to $90 . The quantity of CD players demanded rises from 15,000 per year to 20,000 per year. Use the midpoint formula to calculate the price elasticity of demand for portable CD players
Is the demand elastic, inelastic, or unit elastic?
In the United States, major league baseball is exempt from antitrust laws. Before 1975, the baseball team owners agreed to hold an annual draft of amateur baseball players
Once the players were drafted and signed by a team, they were effectively tied to that team for life. This allowed baseball owners to operate like ________ in the market for player services. A) perfect competitors B) monopolistic competitors C) a monopsonistic cartel D) a monopoly
Studies indicate that the price elasticity of demand for cigarettes is about 0.4 . A government policy aimed at reducing smoking changed the price of a pack of cigarettes from $2 to $6 . According to the midpoint method, the government policy should have reduced smoking by
a. 30%. b. 40%. c. 80%. d. 250%.
Assume that the economy is in long-run equilibrium. A shift in the aggregate demand curve will change
A) only the price level in the long run B) only the output level in the long run C) both the price level and the output level in the long run D) neither the price level nor the output level in the short run E) only the price level in the short run and only the output level in the long run