Given the data in Table 6.1, the labor force participation rate of Metropolis is approximately
A) 96 percent. B) 91 percent. C) 83 percent. D) 78 percent.
A
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In the long run, following a combination of a negative demand shock and a temporary negative supply shock,
A) both inflation and output return to the original long-run equilibrium values. B) inflation is permanently increased, while output returns to potential output. C) output returns to potential output, while inflation may be higher or lower than its initial value. D) inflation is permanently reduced, while output returns to potential output. E) None of the above.
The stimulus plan adopted in 2009 by newly-elected President Obama consisted of
A. only tax cuts. B. only attempts to shore up Medicaid, welfare, and unemployment programs. C. only spending increases on newly-created federal programs. D. roughly equal tax cuts and spending increases, with additional spending to shore up existing federal programs.
A price increase causes a consumer's "real" income to:
A. increase. B. remain unchanged. C. decrease. D. decrease or increase depending on the size of the price change.
Draw the supply curve for a good whose price elasticity of supply is equal to zero. Be sure to label both axes.
What will be an ideal response?