If the percentage change in quantity demanded is less than the percentage change in price, we would say that over this range, demand is:
A) elastic.
B) unit elastic.
C) inelastic.
D) perfectly elastic.
C
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In a Dutch auction, the starting bid is ________
A) far above any bidder's value for the good being auctioned B) far below any bidder's value for the good being auctioned C) far below the market price of the good D) equal to the market price of the good
Which of the following is an example of an efficiency wage?
a. a high wage paid to compensate for dangerous work such as coal mining b. an above-equilibrium wage offered by a firm to attract a more talented pool of job applicants c. a wage below the minimum wage but supplemented by customer tips d. a high wage paid to a college graduate for a high-skill job such as electrical engineering
In the 1980s and 1990s, Chile adopted capital controls that limited the ability of its citizens to buy or sell assets abroad. This action:
A. limited only capital account convertibility. B. limited both current and capital account convertibility. C. introduced full convertibility. D. limited only current account convertibility.
The central problem that makes "economizing" necessary is
What will be an ideal response?