According to Okun's Law, if the annual growth rate of real GDP is 2.5%, the unemployment rate is likely to ________
A) increase by 0.25% B) decrease by 1% C) increase by 2.5% D) decrease by 0.5%
A
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A critical assumption made by all economic models is that
a. few economic decision makers face constraints under capitalism b. few economic decision makers face constraints under communism c. every economic decision maker, except the extremely wealthy, faces constraints d. every economic decision maker, except the federal government, faces constraints e. every economic decision maker faces constraints under every economic system
Suppose that Jasper buys 35 quarts of bottled water each month when the price per quart is $1 . When the price declines to $0.60 per quart he buys 45 quarts each month. Find Jasper's price elasticity of demand for water?
a. -0.25 b. -0.50 c. -0.75 d. -1.00