If the U.S. economy enters a recession, the
A. entire population will be partially unemployed.
B. unemployment rate tends to increase.
C. labor force tends to increase.
D. economy experiences full employment.
Answer: B
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Lisa spends all her income on pizzas and DVDs. The above table shows Lisa's marginal utility for pizza and marginal utility for DVDs
If the price of a pizza is $10 and the price of a DVD is $10 and Lisa has $60 to spend on the two goods, what combination of pizza and DVDs will maximize her utility? A) 2 DVDs and 4 pizzas B) 3 DVDs and 5 pizzas C) 4 DVDs and 2 pizzas D) 3 DVDs and 3 pizzas
The income elasticity of demand is defined as the percentage change in quantity demanded divided by the percentage change in income
a. True b. False Indicate whether the statement is true or false
Bob's Barber Shop cut 3,000 heads of hair in 2016 and 3,100 in 2017. The price of a haircut was $7 in 2016 and $8 in 2017. If 2016 is the base year, what was Bob's contribution to real GDP in 2016?
A. $24,800 B. $21,700 C. $24,000 D. $21,000
Over time, the equilibrium price of a gigabyte of computer memory has fallen while the equilibrium quantity purchased has increased. Based on this we can conclude that:
A. decreases in the demand for computer memory have exceeded increases in supply. B. decreases in the supply of computer memory have exceeded increases in demand. C. increases in the demand for computer memory have exceeded increases in supply. D. increases in the supply of computer memory have exceeded increases in demand.