The price elasticity of demand is a measure of:
A. the change in price of a good that results from a change in its quantity demanded.
B. the demand for a good.
C. how consumers respond to excess demand.
D. the change in quantity demanded of a good that results from a change in its price.
Answer: D
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The major economic cost of growth is:
A. investment in stocks and bonds. B. higher interest rates. C. consumption sacrificed for capital formation. D. higher inflation rates.
It is true in monopoly pricing that the
A. sky is not the limit. B. market cannot impose a price on a monopolist. C. monopolist is a price maker. D. All of these responses are correct.
Prior to 1984, which of the following groups were exempted from the Social Security program?
a. federal workers b. Teamsters c. members of Congress d. a and c
A 2013 article in the Financial Times predicted that the post-2008 Eurozone debt crisis:
A) is over and the benefits from the ordeal are valuable lessons about fiscal responsibility. B) is capable of solution but far from over. The article blames the private financial sector and denies that fiscal irresponsibility is the sole cause. C) is a bellwether of the decline and eventual collapse of the euro. D) teaches us that fiscal restraint is much more important than economic performance or unemployment issues.