Higher standards of living are the result of
a. government subsidies that expand employment.
b. trade restrictions that favor domestic industries over foreign competition.
c. an increase in the general level of prices.
d. an increase in the availability of goods and services that people value.
d. an increase in the availability of goods and services that people value.
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If the absolute value of the price elasticity of demand for cell phone service is 3, then if the price of cell phone service increases by 1%, quantity demanded would:
A. decrease by 3%. B. increase by 3%. C. increase by 0.33%. D. decrease by 0.33%.
If the natural rate of unemployment equals 4 percent and the actual rate of unemployment equals 6 percent, then cyclical unemployment equals:
A. -2 percent. B. 2 percent. C. 10 percent. D. -1 percent.
Derived demand is
A) a derivative of the demand curve. B) the demand for goods and services produced by companies using scarce resources. C) the demand for advertising to increase the sales of the product. D) the demand for the factors of production that are used to produce goods and services.
A cartel is a group of firms that acts as if it were a monopoly and produces where MR = MC for the industry
Indicate whether the statement is true or false