If the elasticity of demand for a good is 0.2, then the demand for that good is
A. perfectly elastic.
B. elastic.
C. unit elastic.
D. inelastic.
D. inelastic.
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According to the neoclassical growth theory
A) increases in labor productivity are only temporary. B) technological change depends on people's choices. C) forces other than GDP growth determine population growth. D) higher saving rates generate permanently faster growth in GDP per person.
The M2 monetary aggregate contains everything that is in M1 plus other assets that are highly ________ (can be turned into cash quickly at very little cost)
A) liquid B) stable C) consistent D) efficient
Needs and wants are different. Wants are things that are:
a. Crucial, have to have b. Desired, but not necessary for survival c. Economic only d. Important for getting ahead
A more elastic demand for a good would generally result from
a. an increase in the supply of that good b. an increase in the number of substitutes for that good c. a decrease in the number of substitutes for that good d. smaller consumer incomes e. a reduction in the number of consumers