Recall the Application regarding the elasticity of demand for public transit varying over time to answer the following question(s).According to the Application, the demand for public transit is:
A. inelastic.
B. elastic.
C. perfectly inelastic.
D. perfectly elastic.
Answer: A
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How does the United States compare to other advanced, industrialized economies on the issue of openness?
a. It is completely closed. b. It is one of the less open of them. c. It is about average in openness. d. It is one of the more open of them. e. It is the most open of them.
A person collecting unemployment insurance benefits is
A. officially unemployed. B. not in the labor force. C. classified as a discouraged worker. D. is employed.
Assuming the price level has not changed, how would an increase in the aggregate demand affect real GDP?
A) It only changes with changes in exports. B) It increases. C) It only changes with changes in imports. D) It decreases.
All of the following statements are examples of normative economic analysis except
A) as the demand for emergency room nurses increases, more students are choosing to enroll in nursing school. B) to provide better care, doctors should be required to limit the number of patients they see each day. C) people should be able to choose whether they want to purchase health insurance. D) prescription drugs are too expensive and the government needs to regulate prices in the pharmaceutical industry.