The emergence of the subprime mortgage market following the recession of 2001 set off a boom in the housing industry

During the 1970s, real shocks to the U.S. economy caused:

a. an increase in both aggregate demand and aggregate supply. b. an increase in both the price level and the unemployment rate. c. a leftward shift of the Phillips curve. d. a decline in inflation but higher unemployment. e. a decline in both the price level and the unemployment rate.

When the price of knee braces increased by 25 percent, the Brace Yourself Company increased its quantity supplied of knee braces per week by 75 percent. BYC's price elasticity of supply of knee braces is 0.33

a. True b. False Indicate whether the statement is true or false