If 400 apple pies are sold at $4 per pie, but 600 apple pies are sold at $3 per pie, we know:
a. that the demand for pies is elastic over that price range

The hypothesis suggesting that people combine the effects of past policy changes on economic variables with their own judgment about the future effects of current and future economic policy is referred to as the

A) passive expectations hypothesis. B) adaptive expectations hypothesis. C) rational expectations hypothesis. D) active expectations hypothesis.

Beth has just quit her job, moved to a new city, and is looking for a new job. Beth is

A) frictionally unemployed. B) structurally unemployed. C) distance unemployed. D) cyclically unemployed. E) locationally unemployed.