Economics is different from other social sciences because it gives special emphasis to the study of ______; it is similar to other social sciences because they are all concerned with the study of _______.

The population of a small town is 5,000. There are 4,000 people in the labor force, and 3,000 people are employed. The unemployment rate equals

A) 25 percent. B) 60 percent. C) 75 percent. D) an undetermined amount given the lack of information.

If each 10 percent increase in the price of gasoline reduces by 2 percent the quantity purchased, the price elasticity of demand for gasoline is

A) .2. B) 5. C) 8. D) 12. E) 20.