Demand for a good will tend to be more price elastic if it exhibits which of the following characteristics?
A) It accounts for a small part of the consumer's total income.
B) The good has many available substitutes.
C) It is a non-durable (as opposed to a durable good).
D) There is little time for the consumer to adjust to the price change.
B
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Answer the question below based on the following price and output data over a five-year period for an economy that produces only one good. Assume that year 2 is the base year.YearUnits of OutputPrice per Unit18$22103315441855206For the years shown, the growth of ________.
A. nominal GDP exactly reflects increases in real output B. nominal GDP understates increases in real output C. nominal GDP overstates increases in real output D. real GDP exceeds the growth of nominal GDP
Federal Reserve regulations apply
a. to all banks in the United States b. only to member banks c. only to private commercial banks d. only to national banks e. only to state banks
Bonds issued by state and local governments are called _____ bonds. Bonds issued by financially shaky corporations are called _____ bonds. Of these two, which type of bond usually pays a relatively higher interest rate?
Fill in the blank(s) with correct word
Use the following figure showing the domestic demand and supply curves for product B in a hypothetical economy to answer the next question.
After trade, at a world price of Pw, the net loss of consumer surplus equals area(s)
A. A + B + C. B. B + C. C. A + B + C + D. D. A.