The more substitutes that are available for a product, the more elastic the demand for that product is.
a. true
b. false
Ans: a. true
You might also like to view...
Wages in the United States are higher than those in India primarily because
a. the weather is better in the United States. b. a larger proportion of the labor force is unionized in the United States. c. less capital per employee is required in the United States. d. the human and physical capital of American workers exceeds that of their Indian counterparts.
The prime objective of an industrial policy for any country is to secure leading global role for selected domestic industries
Indicate whether the statement is true or false
An external benefit implies that private markets will provide ________ than the socially optimal quantity, and an external cost implies that private markets will provide ________ than the socially optimal quantity.
A. less; less B. more; less C. less; more D. more; more
When the IMF provides loans to developing countries, it often requires these countries to adopt:
A. a contractionary fiscal policy and an expansionary monetary policy. B. contractionary monetary and fiscal policies. C. expansionary monetary and fiscal policies. D. a contractionary monetary policy and an expansionary fiscal policy.