Which of the following is false?
a. The price elasticity of demand measures the responsiveness of quantity demanded to a change in price
b. The price elasticity of demand is defined as the percentage change in quantity demanded divided by the percentage change in price.
c. If demand is elastic, it means the quantity demanded changes by a relatively larger amount than the price change.
d. All of the above are true.
d
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In Japan, recycling is prevalent and landfill use is small relative to the United States because
a. the Japanese are more conscientious b. there is no externality problem there c. land is relatively more scarce in Japan d. the Japanese have better recycling technology e. littering is illegal there
Which of the following explains the Phillips curve trade-off?
a. workers' focus on job security as the economy expands rapidly b. firms weaken their resistance to wage pressure during periods of rapid economic growth c. firms' ability to pass along higher wage rates in the form of higher prices during recessions d. an unusual increase in resource supply e. workers' insistence on wage increases during recessions to compensate for unemployment