A measure of the responsiveness of demand to changes in income, all other things being constant, is
A) income elasticity of demand.
B) price income elasticity of demand.
C) price elasticity of demand.
D) cross price elasticity of demand.
A
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The unemployment rate equals
A) (number of people without a job ÷ population)× 100. B) (number of people without a job ÷ working-age population) × 100. C) [(working-age population - number of people employed) ÷ labor force] × 100. D) (number of people unemployed ÷ labor force) × 100. E) (number of people unemployed ÷ population) × 100.
The type of good with the smallest trade deficit in the U.S. based on data from 2016 is:
A. foods, feeds, and beverages. B. capital goods. C. industrial goods. D. automotive goods.
If the FDIC eliminated its insurance program for deposits, then
A. banks would probably hold fewer reserves. B. individual depositors would have more incentive to ascertain the soundness and solvency of the bank. C. moral hazard would be increased. D. the banking system would probably fail.
Product differentiation can be used by firms to do all of the following except
A. provide consumers with commitment devices. B. erect barriers to entry for potential firms. C. gain complete control over the price of their product. D. gain market share.