A 10 percent increase in the quantity of spinach demanded results from a 20 percent decline in its price. The price elasticity of demand for spinach is
A) 0.5.
B) 2.0.
C) 10.0.
D) 20.0.
A
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In the United States, the highest quintile of income earners contribute ________ of all federal tax dollars received, and the lowest quintile of income earners contribute ________ of all federal tax dollars received
A) 20%; 20% B) 68.8%; 0.4% C) 24%; 1.5% D) 29.4%; 11.5%
If the economy's resources are fully employed, pumping money into the economy will put ________ pressure on interest rates and will ________ output
A) upward; not change B) upward; decrease C) downward; decrease D) downward; not change
Bid-rigging is more likely when
a. auctions are for larger amounts b. auctions are infrequent c. auctions are for smaller amounts d. the auctioneer is paid on commission rather than a fixed fee
Which of the following has a more elastic demand?
a. pizza b. cereal c. Hershey's chocolate bar d. bread