If the price elasticity of demand is 1.5, regardless of which two points on the demand curve are used to compute the elasticity, then demand is
a. perfectly inelastic, and the demand curve is vertical.
b. elastic, and the demand curve is a straight, downward-sloping line.
c. perfectly elastic, and the demand curve is horizontal.
d. elastic, and the demand curve is something other than a straight, downward-sloping line.
d
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Property taxes are currently unpopular. In the future, they will be more popular.
A. True B. False C. Uncertain
Tariff rates on products imported into the U.S
A) have dropped substantially over the past 50 years. B) were prohibited by the Constitution. C) reached an all time high in 2002. D) have risen steadily since 1920. E) were the government's main source of income in 2006.
Policies which promote improvements in health for a society are central to:
A. economic development. B. rising health care costs. C. government deficit spending. D. government monetary policy.
A 2 percent increase in the price of wheat leads to a 2 percent decrease in the quantity demanded of rice. The absolute price elasticity of demand is
A. 0.1. B. 6. C. 3. D. 1.