According to Okun's Law, ________ tends to decline when the growth rate of real GDP is ________
A) inflation rate; low B) inflation rate; high
C) unemployment rate; high D) unemployment; low
C
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The income elasticity of demand for movies in the United States is 3.41. If people's incomes decrease by 1 percent, what is the decrease in the quantity of movies demanded?
What will be an ideal response?
A natural monopoly that is regulated to set price equal to marginal cost
A) makes an economic profit. B) makes zero economic profit. C) incurs an economic loss. D) could make an economic loss, an economic profit, or zero economic profit. E) makes zero normal profit.
All twelve Federal Reserve Bank presidents
A) attend Federal Open Market Committee Meetings. B) vote on decisions regarding the discount rate. C) vote on decisions regarding the prime rate. D) vote on decisions regarding bank reserve requirements.
The revealed preference approach can provide more informative comparisons of market baskets if we also assume that the consumer's indifference curves are:
A) concave. B) convex. C) incomplete. D) intransitive.