Changes in demand have a large effect on the price of gold because the:
A. supply of gold is relatively inelastic.
B. demand for gold is relatively inelastic.
C. supply of gold is relatively elastic.
D. demand for gold is relatively elastic.
Answer: A
You might also like to view...
The table above presents the production possibilities frontier for a nation. Using the information in the table, when moving from possibility A to B to C to ultimately E, the cost of a unit of capital goods in terms of consumption goods
A) decreases. B) increases. C) remains the same. D) decreases from possibility A to C, and then increases from possibility C to D. E) cannot be calculated.
In 1952, there were _____ school districts in the United States
a. fewer than 15,000 b. around 30,000 c. around 45,000 d. more than 60,000
Which of the following is considered a contributive standard for the distribution of income?
A) rewarding workers according to their productivity B) rewarding workers according to their needs C) rewarding workers according to the number of their dependents D) all of the above
Which of the following statements is an accurate statement about the Social Security (OASDI) program?
A. The program transfers income from those who work to those who do not work. B. Only 50 percent of workers are covered by OASDI. C. Benefits are based on financial need. D. The program is financed by voluntary contributions.