The price elasticity of demand for bottled water in New York is -3, and the price elasticity of demand for bottled water in Florida is -0.6. In other words, demand in New York is ________ and demand in Florida is ________.
A. elastic; unit elastic
B. elastic; inelastic
C. inelastic; elastic
D. inelastic; unit inelastic
Answer: B
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Use the following data to answer the next question. The disposable income (DI) and consumption (C) schedules are for a private, closed economy (an economy with no government and no international trade). All figures are in billions of dollars.Disposable IncomeConsumption$300$310350340400370450400500430If disposable income is $550, we would expect consumption to be
A. $430. B. $460. C. $450. D. $470.
Which of the following statements correctly describes the curves in the figure?
A) Curve A could represent either the average product curve or the marginal product curve. Curve B represents the total product curve. B) Curve B could represent either the average product curve or the marginal product curve. Curve A represents the total product curve. C) The marginal product of labor curve is represented by curve B and the average product of labor curve is represented by curve A. D) The marginal product of labor curve is represented by curve A and the average product of labor curve is represented by curve B.
A point outside a production possibilities curve reflects
a. efficiency b. specialization c. inefficiency d. unemployment e. an unattainable choice
The cure for inflation can come only from changes on the demand side
a. True b. False Indicate whether the statement is true or false