A large majority of economists favor eliminating the minimum wage
a. True
b. False
Indicate whether the statement is true or false
False
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In classical IS—LM analysis, the effects of a decline in desired investment include
A) a decline in output. B) an increase in the price level. C) a decline in the real interest rate. D) an increase in unemployment.
Classical economic theory predicted that in the long run the economy would experience:
a. below full unemployment. b. rising rate of inflation. c. full employment. d. idle factors of production.
The demand curve faced by a perfectly competitive firm is:
a. downward sloping. b. the same as the market demand curve. c. horizontal. d. perfectly inelastic.
An extreme case in which a percentage change in price, no matter how large, results in zero change in quantity is called:
a. perfect inelasticity. b. perfect elasticity. c. strong elasticity. d. weak elasticity.