If demand is elastic and the price of a product decreases by 100 percent, then
A) the change in quantity demanded is less than 100 percent.
B) the change in quantity demanded is equal to 100 percent.
C) the change in quantity demanded is greater than 100 percent.
D) the decrease in quantity demanded is greater than 0 percent.
Answer: C
You might also like to view...
Which of the following is an example of an efficiency-equity trade-off faced by economic agents?
A) Concerned about the falling birth rate, the French government has pledged more money for families with three children, in an effort to encourage working women to have more babies. B) All New York City art museums are considering adopting a free-admission policy for local residents one weekend per month. C) According to an article by in the American Journal of Public Health by Edward Kaplan and Michael Merson of Yale University School of Medicine, the federal government's current method of allocating HIV-prevention resources is not cost-effective. Instead of allocating resources to states in proportion to reported AIDS cases, resources should flow first to those activities that prevent more infections per dollar and then to less and less effective combinations of programs and populations until funds are exhausted, even if it means that some populations would be left without any prevention services. D) Some U.S. colleges are actively recruiting foreign students for their technology-based programs.
The most common type of transaction in the foreign exchange market is a
A) forward transaction. B) spot transaction. C) swap transaction. D) None of the above.
When a government records a budget surplus, the national savings and investment identity is written as _____.
a. S = I + (G - T) + (X - M) b. S + (M - X) + (T - G) = I c. S - (G - T) = I - (X - M) d. S + (T - G) = 1 + (X - M)
Which of the following periods is characterized by the sharpest increase in inflation?
a. 1968–1972
b. 1976–1980
c. 1980–1984
d. 2008–2012