As Mary's income increases by 20 percent, her demand for tickets to National Hockey League games increases by 10 percent. Mary's demand for tickets is income ________; for Mary, hockey tickets are ________ good
A) elastic; a normal
B) inelastic; a normal
C) elastic; an inferior
D) inelastic; an inferior
B
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A pure monopoly will generate an economic profit whenever ________.
A. total revenue is greater than total cost B. price is greater than average variable cost C. total revenue is less than total cost D. total revenue is equal to total cost
Which of the following was a contributing factor to the instability of 2002 to 2008?
a. ideal weather from 2002 to 2006, followed by a severe drought in 2007 and 2008 b. falling housing prices leading to an expansion, followed by rising housing prices leading to a sharp economic downturn c. an increase in housing prices leading to an expansion, followed by a collapse in housing prices and a sharp economic downturn d. falling stock prices leading to an expansion, followed by rising stock prices leading to a sharp economic downturn
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The marginal rate of transformation in moving from Point A to Point B is
A. -2/3. B. -1.5. C. -3. D. -30.
The additional capital requirements put in place following the banking crisis of the 1980s led to a:
A. further slowdown in bank lending. B. prolonged economic slowdown lasting much of the 1990s. C. period of rapid economic growth in the early 1990s. D. quick rebound in the willingness and ability of banks to make loans.