The demand for insulin is typically_________________ than the demand for a large screen TV.
a. More elastic
b. More inelastic
c. Less elastic
d. Less inelastic
Answer: b. More inelastic
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Which of the following is assumed constant in the short-run Classical model?
A) Money supply B) Output C) Aggregate demand D) Wages
Firms emerge when transaction costs of using the market are less than the cost of hierarchical control
a. True b. False
The scientific method is:
A. not applicable to economics because economics deals with human beings. B. also known as the economic perspective. C. analysis that moves from broad generalizations called laws to theories and then to hypotheses. D. used by economists and other social scientists, as well as by physical scientists and life scientists, to formulate and test hypotheses.
At a given interest rate, the investment function shows
A. how much businesses will spend on the capital stock. B. how many funds people will invest in the stock market. C. how profitable it will be for firms to expand. D. how many funds people will earn on their stock market investments.