The determinants of elasticity include
A. price relative to income.
B. availability of substitutes.
C. time.
D. all of the above
Answer: D
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Aggregate supply changes much faster than aggregate demand
Indicate whether the statement is true or false
Who is most likely to benefit from rent controls?
A) consumers who are able to obtain apartments at the controlled rents B) consumers who are unable to obtain apartments at the controlled rents C) landowners who can lease the apartments at the controlled rents D) the government that controls the rents
Saving is often discouraged by usury laws during inflationary periods because
a. nominal rates of interest are kept above real rates of interest. b. nominal rates of interest are kept below inflation rates. c. nominal rates of interest are kept above inflation rates. d. real rates of interest are kept above inflation rates.
NPR ("Certain Green Industries Have Job Openings", November 12, 2008 ) reported on a story about wind turbine manufacturers in Ohio having trouble finding skilled workers
The report noted that as a result tens of thousands of people having been laid off, there is "a huge pool of job-seekers." The firms claim to "offer good pay and benefits." A representative from the United Steelworkers claims that their union members have easily transferrable skills, but the pay is too low, around $30,000 annually. A manager at Apollo Alliance says that workers in the new industry need different skills than those in the old steel industry. The type of unemployment described in the story is ________ unemployment.
A) cyclical
B) structural
C) frictional
D) efficiency wage