The demand schedules for such products as eggs, bread, and electricity tend to be:
A. perfectly price elastic.
B. of unit price elasticity.
C. relatively price inelastic.
D. relatively price elastic.
Answer: C
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The figure above shows the market for brooms. Which of the following could lead to the production of fewer than 600 brooms?
A) a monopoly B) a deadweight loss C) subsidies D) an external cost E) a big tradeoff
Explain the relationship between real GDP and potential GDP during the two phases of the business cycle
What will be an ideal response?
In the 1970s, the main economic problem was
A. stagflation. B. huge budget surpluses. C. a slow growing money supply. D. an economy that was expanding too rapidly.
What played the largest role in the formation of poor black ghettos?
A. Welfare B. High birth rates among unwed mothers C. The migration of black middle- and working-class families from poor black neighborhoods in the 1960s and 1970s D. Rising employment discrimination