Along a perfectly elastic demand curve,
A. the slope is always zero.
B. the price elasticity of demand is 1.
C. consumer purchases will not respond at all to a change in price.
D. All of the responses are correct..
Answer: A
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The output per capita of a country is equal to _____
a. its population divided by its GDP b. its GDP divided by its population c. its population divided by its GNP d. its GNP divided by its population e. its GDP divided by the total value of capital available
The overriding reason why households and societies face many decisions is that
a. resources are scarce. b. goods and services are not scarce. c. incomes fluctuate with business cycles. d. people, by nature, tend to disagree.
The successful introduction and adoption of a new product or process is called
What will be an ideal response?
A household that spends more than it receives in income during a given period is
A. saving. B. receiving transfer payments. C. running a deficit. D. dissaving.