The reason why a cure to a disease such as AIDS would have less elastic demand than a vaccine at every price is that
A. for a person without AIDS, there are no substitutes.
B. the cure would be more expensive.
C. the vaccine would be more expensive.
D. for a person without AIDS, there is a freely available substitute-monogamy with an unaffected partner.
Answer: D
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The natural rate of unemployment is equal to the unemployment rate when there is only:
A. structural and frictional unemployment. B. frictional unemployment. C. cyclical unemployment. D. structural and cyclical unemployment.
It is not surprising to see a rather __________ volume of mergers and acquisitions in the United States given its __________-oriented financial system
A) high; banking B) high; markets C) low; banking D) low; markets
Answer the following statements true (T) or false (F)
1. The classical economists held that the rate of interest would equate planned investment and planned saving, so that all saving would eventually be invested. 2. According to the Keynesian analysis, equilibrium occurs at the point where total aggregate expenditure equals total output. 3. According to the Keynesian analysis, as income increases, the marginal propensity to consume will rise. 4. According to the Keynesian analysis, equilibrium will occur where planned injections equal planned leakages. 5. Any time that planned leakages exceed planned injections, the economy will expand.
People who claim to have the ability to accurately predict the future prices of stocks:
A. are strong advocates of the theory of efficient markets. B. are always psychologists. C. should be looked at with skepticism, unless they have information not available to others. D. are unusually lucky, and should be listened to intently.