Which statement is most accurate about social indicators in the US between 1950 and 1980?
a. The divorce rate doubled.
b. The suicide rate rose sharply.
c. The murder rate remained relatively constant.
d. The birth rate for unmarried women remained relatively constant.
a. The divorce rate doubled.
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A central bank raises the money supply growth rate and keeps it higher. As the economy moves from the short-run equilibrium created by the increase in the money supply growth back to long-run equilibrium what happens to the unemployment rate?
What is meant by the concept of a “coordination failure” in macroeconomics?
What will be an ideal response?
Price elasticity of demand measures:
A. the change in price brought about by a change in consumer demand. B. how consumers change their purchases in response to a change in income. C. how consumers change their purchases in response to a change in the price of a substitute good. D. how consumers change their purchases in response to a change in the price of a product.
The use of data in economic models is important because
A. the model's predictive value rests on supportive evidence from real-world data. B. models must analyze every possible angle of the problem. C. the models are always complex in nature. D. social problems analyzed by economists require long streams of data.