The price elasticity of demand measures:
a. how sensitive quantity demanded is to a change in supply.
b. how sensitive quantity demanded is to a change in consumer taste and preference.
c. how sensitive quantity demanded is to a change in income.
d. how sensitive quantity demanded is to a change in price.
d
You might also like to view...
In an open economy, an increase in the government's budget deficit will ________ the domestic real interest rate and ________ the level of capital investment in the country, holding other factors constant.
A. decrease; decrease B. decrease; increase C. increase; increase D. increase; decrease
Rent seeking
A) is the act of obtaining special treatment by the government to create economic profit. B) is the attempt to get rent from tardy renters. C) occurs when landlords advertise for apartments and other property for rent. D) is an attempt to sell a property and capture economic profit. E) occurs when a firm charges different prices for different units of its good or service.
A voluntary export restraint will ________ producer surplus, ________ consumer surplus, ________ government revenue, and ________ overall domestic national welfare
A) increase; decrease; increase; have an ambiguous effect on B) increase; decrease; decrease; decrease C) increase; decrease; have no effect on; have an ambiguous effect on D) increase; decrease; have no effect on; decrease E) increase; increase; decrease; have an ambiguous effect on
The language of economics is
a. needlessly arcane. b. valuable because it provides a new and useful way of learning about the world. c. easy to learn within a day. d. unnecessary to learn for a thorough understanding of economics.