If the wage rate is $5 per hour, regardless of how many laborers are employed, the wage rate equals the

The price elasticity of demand is calculated as the absolute value of the

A) percentage change in quantity demanded divided by the percentage change in price. B) percentage change in price divided by the percentage change in quantity demanded. C) change in quantity demanded divided by the change in price. D) change in price divided by the change in quantity demanded.

The national debt is unlikely to cause national bankruptcy because the:

A. national debt can be refinanced by issuing new bonds. B. interest on the public debt equals GDP. C. national debt cannot be shifted to future generations for repayment. D. federal government cannot refinance the outstanding national debt.