Individuals use microeconomic models to determine
A) their optimal consumption of beer given an increase in inflation.
B) their optimal amount of leisure.
C) whether or not to go to college given current student loan interest rates.
D) All of the above.
D
Economics
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If the natural unemployment rate is 5 percent, the actual unemployment rate is 8 percent, and potential GDP is $15 trillion, then according to Okun's Law, real GDP is
A) $13.8 trillion. B) $15.9 trillion. C) $13.05 trillion. D) $14.25 trillion. E) $14.1 trillion.
Economics
What does elasticity of demand measure?
(A) The amount of time consumers need to change their demand for a good. (B) A decrease in the quantity demanded. (C) An increase in the quantity available. (D) How buyers will cut back or increase their demand when price rises or falls.
Economics