If a 20 percent decrease in the price of chicken results in a 10 percent increase in the quantity demanded, the price elasticity of demand has a value of

The introduction of the video cassette recorder in the 1970s exemplified a problem in measuring the cost of living; that problem is the problem of

a. substitution bias. b. product-improvement bias. c. introduction of new goods. d. unmeasured quality change.

Which of the following implies that an increase in the money supply growth rate permanently changes the unemployment rate?

a. both the long-run aggregate supply curve and the long-run Phillips curve b. the long-run aggregate supply curve, but not the long-run Phillips curve c. the long-run Phillips curve, but not the long-run aggregate supply curve d. neither the long-run Phillips curve nor the long-run aggregate supply curve