The demand for shoes will likely be price ________ while the demand for Sketchers Go Walk walking shoes will likely be price ________.
A. inelastic; elastic
B. elastic; inelastic
C. elastic; elastic
D. inelastic; inelastic
Answer: A
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Refer to the scenario above. Which of the following would have happened if the government had decided to provide an export subsidy on these cash crops?
A) The volume of exports would have decreased. B) The government's revenue would have increased. C) Domestic producers would have been better off. D) Domestic consumers would have been worse off.
An increase in individual income taxes ________ disposable income, which ________ consumption spending
A) decreases; increases B) increases; increases C) decreases; decreases D) increases; decreases
As you move down a demand curve, if a decrease in price from $11 to $9 increased total revenue, then further decreases below $9 would also increase total revenue
a. True b. False Indicate whether the statement is true or false
What are the three main problems that make economics an inexact science? How are these problems similar? What causes this similarity?
What will be an ideal response?