Over the past several years and until recently, the United States has had lower unemployment rates than most European countries.
Answer the following statement true (T) or false (F)
True
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When the price of a product is increased 10 percent, the quantity demanded decreases 15 percent. The price elasticity of demand for this product is
A. perfectly elastic. B. elastic. C. inelastic. D. unit elastic.
Refer to Table 11.1. What is the value of the marginal propensity to save?
A) 0.15 B) 0.25 C) 0.75 D) 0.9
A firm will only earn normal profit in the long run
a. if firms can freely enter or leave the market b. if firms do not try to maximize profit c. only if the industry is perfectly competitive d. whenever products are not differentiated e. if barriers to entry exist
If you are receiving $2,000 per year forever, the present value of that income stream when the prevailing interest rate is 7 percent is equal to
a. $20,000 b. $62,472 c. $100,087 d. $27,000 e. $28,571