A short run own price elasticity of demand of -0.20 suggests a price flexibility coefficient of

An increase in the income tax rates:

a. makes the labor supply curve more inelastic. b. increases the opportunity cost of leisure. c. lowers the opportunity cost of leisure. d. shifts the labor supply curve to the right. e. shifts the labor demand curve to the right.

In 2001, Costa Rican real GDP grew by 5 percent, well above the 2.5 percent trend line of its long-run annual average economic growth rate. In all probability, Costa Rica was in its ________ phase of the business cycle

a. recession b. recovery c. downturn d. prosperity e. trough