A shoe producing firm decides to acquire a firm that produces shoe laces. This implies that
a. The firm's aggregate demand will be less elastic than the individual demand
b. The firm's aggregate demand will be more elastic than the individual demand
c. The firm's aggregate demand will be of the same elasticity as the individual demand
d. None of the above
b
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Which of the following is true about unemployment?
a. the benchmark high-employment level is most likely between 3 and 4 percent b. In recent years, the appropriate benchmark high-employment level has risen. c. Based on the experience of the 1960s, a 7 percent unemployment rate was too low to be sustained without a buildup of inflationary pressure d. During the 1970s, the benchmark high-employment level rose but this was not observed by economists at the time.
By 2007, energy use per dollar of GDP was ____ percent of what it was in 1970
a. 95 b. 80 c. 75 d. 50