When equilibrium GDP is below potential GDP, jobs are plentiful and unemployment is low
a. True
b. False
Indicate whether the statement is true or false
False
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If the price of a burger decreases by 5 percent and as a result the quantity of burgers demanded increases by 8 percent, the price elasticity of demand equals
A) 0.60. B) 0.40. C) 1.60. D) 0.625.
Which of the following countries had the highest percentage of young adults with a college degree in 2012?
a. Norway b. Canada c. Japan d. France e. Italy
The average revenue curve can also be described as the demand curve
a. True b. False Indicate whether the statement is true or false
Which of the following situations represents a trade-off?
A) Each additional hour of leisure reduces Billy's consumption of goods by $15. B) Bob ate a slice of cranberry pie with one scoop of vanilla ice cream. C) Jill can afford either a sports car or a 4-year college tuition. D) A and C