Which of the following countries has NOT experienced hyperinflation?
A. Germany
B. Bolivia
C. Brazil
D. Norway
Answer: D
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The market demand for The Federalist Papers is likely to be more elastic than the market demand for a best-selling mystery novel
Indicate whether the statement is true or false
What is the most likely result when the price of a good with elastic demand is raised by 10 percent?
(A) The quantity sold will decrease by 15 percent. (B) The quantity sold will increase by 10 percent. (C) The quantity sold will decrease by 10 percent. (D) The quantity sold will decrease by 5 percent.
Scarcity results when available resources cannot satisfy all desired uses of those resources.
Answer the following statement true (T) or false (F)
Suppose that the price of peanuts falls from $3 to $2 per bushel and that, as a result, the total revenue received by peanut farmers changes from $16 to $14 billion. Thus:
A. the demand for peanuts is elastic. B. the demand for peanuts is inelastic. C. the demand curve for peanuts has shifted to the right. D. no inference can be made as to the elasticity of demand for peanuts.