PriceQuantity Demanded$4300$3400$2500$1600Refer to the above data. What is the elasticity of demand between the prices of $4 and $3?
A. 0.2
B. 2
C. 0.5
D. 1
Answer: D
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Suppose the equilibrium quantity of labor hired decreases and the equilibrium real wage rate increases. All else constant, this situation will also result in
A) more government outlay for the unemployed. B) higher output prices. C) lower output prices. D) fewer benefits for those still unemployed.
Elena works as a housekeeping staff member in a hotel. Her task is to clean the rooms that are unoccupied by guests. Because it is not possible for her boss to monitor her work regularly, she often skips cleaning some of the rooms
a) What is the term used to refer to such behavior? b) How can the management motivate workers like Elena to work harder?
The type of banking system under which banks are required to hold only a portion of their assets in reserve against the checking deposits of their customers is called
a. a gold-backed banking system. b. a full reserve banking system. c. a fiat banking system. d. a fractional reserve banking system.
Production is efficient if the economy is producing at a point
a. on the production possibilities frontier. b. outside the production possibilities frontier. c. on or inside the production possibilities frontier. d. inside the production possibilities frontier.