Refer to the above graph. Which of the following movements would indicate an increase in employment?
a. From point D to point G
b. From point C to point D
c. From point E to point D
d. From point F to point E
Answer: d. From point F to point E
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In the figure above, if the price falls from $8 to $7, demand is
A) elastic. B) inelastic. C) unit elastic. D) income elastic. E) perfectly elastic.
The expected effects of fiscal contraction are
a. higher real interest rates. b. exchange rate depreciation. c. increased trade deficit. d. All of the above are correct.
According to research by Robert Fogel, what proportion of the increase in the standard of living in Britain between 1790 and 1980 can be accounted for by greater caloric intake?
a. 10 percent b. 20 percent c. 30 percent d. 40 percent
Price controls may be thought of as
A. a restraint on the rationing function of prices. B. the freeing-up of free market forces. C. useful tools that promote production. D. necessary in market economies.