Yovanka has diabetes and she will pay any amount of money to buy the insulin she needs to stay alive. Yovanka's demand for insulin is:
A) perfectly price-inelastic.
B) perfectly price-elastic.
C) price-elastic.
D) price-inelastic.
A) perfectly price-inelastic.
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Which of the following is not considered part of the services category under the expenditure approach to GDP accounting?
a. sporting events b. haircuts c. commercial airline transportation d. privately owned jets
Which of the following statements best describes the scientific method?
a. The use of modern electronic testing equipment to understand the world. b. The unbiased development and testing of theories about how the world works. c. The use of controlled laboratory experiments to understand the way the world works. d. Finding evidence to support preconceived theories about how the world works.
The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
What did the growing inequality of income during the 1920s indicate?
(a) That consumption expenditures would tend to weaken even though total income continued to rise (b) That spending for goods and business incentives to produce those goods became increasingly dependent on the wealthy (c) That the economy became more vulnerable to any shock, such as a stock market crash, that reduced the willingness of the wealthy to buy goods (d) All of the above