If there are many close substitutes available for a good, its elasticity of demand will be higher
a. True
b. False
Indicate whether the statement is true or false
True
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In the short run, an increase in the money supply is likely to lead to ______ inflation and ______ unemployment
Fill in the blank(s) with correct word
Answer the following statement true (T) or false (F)
1) A total fertility rate of approximately 1.0 will cause each generation to be half as large as the preceding generation. 2) Modernizing economies that have declining birthrates may still experience population growth because of rapidly declining death rates. 3) The demand for productive resources has grown faster than the supply of productive resources for the past 150 years. 4) The Economist's Commodity Price Index reveals that the supply of productive resources has increased faster than the demand for decades.
The federal budget has three components. Name them.
What will be an ideal response?
The following are the equations for the supply and demand curves in the market for weezils: Demand: Qd= 20?2P Supply: Qs= 5 + 3P where Qdis the quantity demanded, Qsis the quantity supplied, and P is the price per weezil in dollars. Refer to Exhibit 4-1. If consumers decide that they want 20 percent fewer weezils at every price, the equation for the new demand curve for weezils will be
A. Qd= 20?1.6P. B. Qd= 0.2(20?2P). C. Qd= 0.8(20?2P). D. Qd= 80(20?2P).