Unemployment implies that in the labor market
A. there is an excess demand for labor.
B. there is an excess supply of labor.
C. there are too few workers for the jobs available.
D. quantity demanded of labor exceeds quantity supplied.
Answer: B
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A fall in the price of cabbage from $10.50 to $9.50 per bushel increases the quantity demanded from 18,800 to 21,200 bushels. The price elasticity of demand is
A) 0.80. B) 1.20. C) 1.25. D) 8.00.
Studies indicate that the price elasticity of demand for cigarettes is about 0.4 . A government policy aimed at reducing smoking changed the price of a pack of cigarettes from $2 to $6 . According to the midpoint method, the government policy should have reduced smoking by
a. 30%. b. 40%. c. 80%. d. 250%.
If both demand and supply change, the two equilibrium values would change depending on the relative ______ of the changes in supply and demand.
a. consequences b. magnitude c. timing d. accuracy
What does the Lorenz Curve illustrate about the economy?
(A) The kinds of jobs. (B) The distribution of income. (C) The causes of poverty. (D) The types of families.