The elasticity of supply is calculated by

Nominal wages are sticky because:

Economics is concerned with the trade-offs that emerge because of scarcity. The term “trade-offs” refers to 

How would a supply shock, such as a sudden increase in oil prices, impact the aggregate supply curve and the overall economy?

As of 2002, juveniles were involved in approximately 8% of all

The U.S. dollar is an example of fiat money because

How would a government policy that offers tax incentives for savings likely affect the market for loanable funds?

Food can help meet all of the following psychological needs EXCEPT

In what economic scenario is the crowding-out effect most likely to be pronounced?

Equilibrium in a market is