When demand is inelastic
A) quantity demanded is very responsive to a change in price.
B) quantity demanded is not very responsive to a change in price.
C) the proportional change in quantity demanded is equal to the proportional change in price.
D) producers react quickly to price changes.
Answer: B
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In the presence of heteroskedasticity, and assuming that the usual least squares assumptions hold, the OLS estimator is
A) efficient. B) BLUE. C) unbiased and consistent. D) unbiased but not consistent.
The Lorenz curve is best used to measure international competitiveness
a. True b. False Indicate whether the statement is true or false
In order for the government to increase spending, it must increase taxes to finance that spending
a. True b. False Indicate whether the statement is true or false
Which of the following is least likely to be the reason women are underrepresented in the economics profession?
a. labor market discrimination b. the choice of women to select other occupations c. cultural bias in primary and secondary education d. the inability of women to solve problems in economics