Refer to the diagram for a nondiscriminating monopolist. Demand is elastic:
A. in the q 1 q 3 output range.
B. only for outputs greater than q 4 .
C. for all levels of output less than q 2 .
D. for all levels of output greater than q 2 .
C. for all levels of output less than q 2 .
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The economy pictured in the figure below has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; B B. recessionary; C C. recessionary; A D. expansionary; A
The measure of income received by persons from all sources is known as
a. personal income. b. national income. c. gross domestic product. d. net national product.
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%.
A recession causes a decrease in the demand for housing, resulting in substantial layoffs in the construction industry. This is an example of
A) cyclical unemployment. B) frictional unemployment. C) seasonal unemployment. D) structural unemployment.