If the elasticity of demand coefficient for a good is 6 (in absolute terms), we know:
a. that for every 1% increase in quantity, there will be a 6% increase in price.
b. that for every 1% increase in quantity, there will be a 6% decrease in price.
c. that for every 6% increase in quantity, there will be a 1% increase in price.
d. that for every 6% increase in quantity, there will be a 1% decrease in price.
d
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Broadly speaking, Social Security redistributes incomes from high-to low-income individuals, from men to women, and from young to old.
A. True B. False C. Uncertain
The ADL(p,q) model is represented by the following equation
A) Yt = ?0 + ?pYt-p + ?qXt-q + ut. B) Yt = ?0 + ?1Yt-1 + ?2Yt-2 + ... + ?pYt-p + ?qut-q. C) Yt = ?0 + ?1Yt-1 + ?2Yt-2 + ... + ?pYt-p + ?0 + ?1Xt-1 + ut-q. D) Yt = ?0 + ?1Yt-1 + ?2Yt-2 + ... + ?pYt-p + ?1Xt-1 + ?2Xt-2 + ... + ?qXt-q + ut.
The addition to revenue obtained from firing an additional unit of labor is
A) total product. B) marginal revenue product. C) marginal factor cost. D) marginal physical product of labor.
The lion's share of government spending on education in 2007 was done by
a. the private sector b. state and federal governments c. local and state governments d. the federal government e. the state governments