Consider the following game. You pick a card from a deck and each time you select an ace, you get $260. For all other cards you must pay $13. This game is a fair bet.
Answer the following statement true (T) or false (F)
False
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If good A had twice as many good substitutes as good B, but good B consumed twice the amount of a buyers income as good A, goods A and B would have the same elasticity of demand
a. True b. False Indicate whether the statement is true or false
Often, government spending increases due to log-rolling among politicians. Log-rolling is when politicians vote for which of the following?
a. projects the government leadership supports even when the citizens who elected the politician do not b. projects in their districts that are not efficient for the nation c. projects they normally would not support in return for other politicians voting for their projects d. projects that have benefits for the nation that outweigh their costs
People who are not currently employed, but say they want a job, are counted as unemployed only if they
a. have previously held a job b. are actively seeking employment c. are willing to accept any reasonable wage rate d. are between 16 and 65 years of age e. are willing to accept any offer of employment
Refer to the data. The price elasticity of demand is relatively elastic:
Answer the question on the basis of the following demand schedule:
A. in the $6-$4 price range.
B. over the entire $6-$1 price range.
C. in the $3-$1 price range.
D. in the $6-$5 price range only.