Demand and supply can also be used to explain how economic events will cause ___________ in prices, wages, and rates of return.
a. changes
b. freezes
c. barriers
d. locking
a. changes
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The demand for a good is elastic if the price elasticity of demand is:
A. equal to one. B. equal to zero. C. less than one. D. greater than one.
Which one of the following is not a cash transfer program?
A) TANF (Temporary Assistance for Needy Families) B) Supplemental Security Income (SSI) C) Low-rent public housing D) Social security
In the ISLM framework, the impact of monetary policy on equilibrium income is less when
A) money demand = money supply. B) money demand is infinitely elastic. C) the interest rate is low. D) the investment function has lower interest-sensitivity.
Which of the following demand functions represents a price elasticity of demand equal to -0.33 and an income elasticity of demand equal to 0.8 at all points along the curve?
A) Q = 3 - 0.33P + 0.8I B) Q = 4.5 - 0.33 log(P) + 0.8I C) log(Q) = 1.34 - 0.33 log(P) + 0.8I D) log(Q) = 2.34 - 0.33 log(P) + 0.8 log(I)