On the graph above, if the U.S. economy is at point B in 2009, then the economy in 2010 is best represented by point ________
A) A
B) B
C) C
D) D
E) any of the labeled points is as good as the others
B
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Data for an economy show that the unemployment rate is 6 percent, the participation rate is 60 percent, and 200 million people 16 years or older are not in the labor force. How many people are in the working-age population in this economy?
A. 333 million B. 500 million C. 1.20 billion D. 800 million
The willingness to pay for a commodity:
A) decreases as consumption of the commodity increases. B) increases as consumption of the commodity increases. C) is always less than the market price of the commodity. D) is always greater than the market price of the commodity.
The GDP figure does not accurately reflect economic welfare because
a. it does not include non monetary transactions. b. the value of goods produced in the home is usually overstated. c. it includes only consumption goods and services. d. it usually includes an overstated estimate of social costs.
Suppose that a local supermarket sells apples and oranges for 50 cents apiece, and at these prices is able to sell 100 apples and 200 oranges per week. One week, the supermarket lowered the price per apple to 40 cents and sold 120 apples. The next week, they lowered the price per orange to 40 cents (after raising the price per apple back to 50 cents) and sold 240 oranges. These results imply that
the a. price elasticity of apples is lower than the price elasticity of oranges b. price elasticity of apples is higher than the price elasticity of oranges c. demand for apples is more price sensitive than the demand for oranges d. demand for oranges is more price sensitive than the demand for apples e. price elasticities of demand for apples and oranges are the same over these price ranges