If quantity demanded for sneakers falls by 10 percent when price increases 25 percent, we know that the absolute value of the own price elasticity of sneakers is:
A. 2.5.
B. 0.27.
C. 2.0.
D. 0.4.
Answer: D
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The quantity of real money demanded is
A) negatively related to the price level. B) positively related to the price level. C) independent of the price level. D) proportional to the price level
Political candidates tend to be very similar in a representative democracy because _____
a. most candidates are wealthy b. the average voter demands conformity c. of cyclical majorities d. party platforms converge toward the median voter
One of the limitations of aggregate accounting is that:
A. it doesn't take depreciation into account. B. it measures market activity, not social welfare. C. it includes market transactions that should be excluded. D. there isn't enough data available in most developed countries to have national income accounts.
In economics, the demand for money is basically a demand for
A. status. B. liquidity. C. investment. D. high returns.