Which of the following is an important factor affecting economic growth?
A. the level of prices
B. the rate of saving
C. exchange rates
D. the rate of interest
Answer: B
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Because consumers who have insurance provided by their employers usually only pay a deductible for a visit to the doctor's office, they ________ of health care services than they would if they paid a price that better represented the true cost of
providing the service. A) supply a smaller quantity B) demand a smaller quantity C) demand a larger quantity D) supply a larger quantity
A bountiful wheat harvest can be bad news for wheat farmers because the a. supply curve for an individual wheat farmer is usually perfectly elastic
b. supply curve for an individual wheat farmer is usually perfectly inelastic. c. demand for wheat is usually inelastic, meaning that factors that shift supply curve to the right decrease total revenues to sellers. d. demand for basic wheat is usually elastic, meaning that factors that shift supply to the right increase total revenues to sellers.
Explain and interpret the elements of an individual and market demand schedule
What will be an ideal response?
Related to the Economics in Practice on p. 51: The Amazon Kindle and the electronic textbooks available for the Kindle are complementary goods. Electronic textbooks and traditional, hard-copy textbooks are substitute products. If the price of electronic textbooks for the Kindle increases
A. demand for the Kindle decreases, the quantity of electronic textbooks demanded decreases, and demand for traditional, hard-copy textbooks increases. B. the quantity of Kindles demanded decreases, demand for electronic textbooks decreases, and the quantity of traditional, hard-copy textbooks demanded increases. C. demand for the Kindle increases, the quantity of electronic textbooks demanded decreases, and demand for traditional, hard-copy textbooks increases. D. demand for the Kindle decreases, demand for electronic textbooks decreases, and demand for traditional, hard-copy textbooks increases.