Price elasticity of demand
What will be an ideal response?
Degree of responsiveness of a consumer to change in price
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What is the difference between economic profit and accounting profit?
What will be an ideal response?
Among the factors contributing to externally induced cycles are all of the following except
a. changes in international exchange rates b. clustering of innovations c. the interaction of the multiplier and accelerator d. changes in consumer confidence e. population booms
Public choice theorists assert that persons who change jobs from, say, a government position to a business position, sometimes alter their work behavior and attitudes because
A) they want to fit in and be liked by their fellow workers. B) they are acting rationally by weighing the costs and benefits of certain behavior in different work settings. C) they feel that if they change jobs, they should also change their behavior. D) their new boss tells them it is in their best interest.
When does a shortage occur?
a. When price is less than equilibrium price. b. When goods are scarce. c. When quantity demanded is less than quantity supplied. d. When quantity demanded exceeds quantity supplied at the equilibrium price. e. When some of the people who need the product are not willing and able to buy it at the equilibrium price.