Which of the following is likely to have the most price inelastic demand?
a. chocolate
b. Godiva chocolate
c. Hershey's chocolate
d. All three would have the same elasticity of demand because they are all related.
a
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If your income elasticity of demand for hot dogs is negative, then:
A. hot dogs have no close substitutes for you. B. you must not enjoy eating hot dogs. C. hot dogs are an inferior good for you. D. your demand curve for hot dogs is not downward sloping.
Financing government spending with taxes
A) causes both reserves and the monetary base to rise. B) causes both reserves and the monetary base to decline. C) causes reserves to rise, but the monetary base to decline. D) has no net effect on the monetary base.
The following is an example of risk aversion
a. those applying for a well-paid job tend to be the most qualified b. more reckless drivers opt for cars with fewer safety devices c. the contractor with the lowest bid for a is under-qualified d. Initial Public Offerings (IPOs) seek investors when prospects look good
In the case of a private good, which of the following forms of economic organization will result in the strongest incentive for consumers and producers to economize?
a. The good is produced privately and taxes are used to provide it to consumers free of charge. b. The good is produced privately and consumers purchase it with their own money. c. The good is produced by government enterprises and the cost of its production is covered by taxes. d. The good is produced by government enterprises and consumers purchase it with their own money.