The rise in unemployment that occurs because of a recession is known as cyclical unemployment, because it is closely tied to the ______________.

Suppose the current price of barley is $7 per bushel and at that price 100,000 bushels are grown by a Colorado farmer

If the price of barley rises to $8 and quantity supplied increases to 130,000 bushels, then using the midpoint method, the price elasticity of supply for barley equals A) 13.33. B) 26.78. C) 1.96. D) 0.51. E) zero.

Which of the following is true?

i. When the world price of a good is lower than the price that balances domestic supply and demand, a country gains from exporting the good. ii. Compared to a no-trade situation, imports make consumers better off. iii. Quotas raise the domestic price of imported goods. A) Only i B) Only ii C) Only iii D) i and ii E) ii and iii