The News Wire article in the text titled "Economy Sharpest decline in 26 years" "Economy Contracts in 3rd Quarter" discusses the reduction in output for the U.S. economy. Which type of unemployment is most likely in this situation?
A. Structural
B. Frictional
C. Cyclical
D. Seasonal
C. Cyclical
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Demand is price inelastic if a relatively ________ price increase leads to a relatively ________ in the quantity demanded
A) large; small increase B) small; large decrease C) large; small decrease D) small; large increase
When Johanna cut prices in her jewelry store by 20 percent, the dollar value of her sales fell by 20 percent. This indicates that
A. demand was elastic. B. demand was inelastic. C. demand was unit elastic. D. the demand curve was vertical.
If wages and prices are flexible, then an anticipated change in the money supply will cause wages and prices to __________ the actual inflation rate
A) increase at the same rate as B) increase at a higher rate than C) increase at a slower rate than D) cannot be exactly predicted
Economics is the study of:
A. how to invest in the stock market. B. how society uses limited resources. C. the role of money in markets. D. how government officials decide which goods and services are produced.