The demand for food will likely be price ________ while the demand for Brand X Burger will likely be price ________.
A. inelastic; inelastic
B. elastic; elastic
C. inelastic; elastic
D. elastic; inelastic
Answer: C
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If consumption is $750 when real disposable income is $1,000, the average propensity to consume is
A) 0.50. B) 0.25. C) 0.80. D) 0.75.
A credit union is
A) a combination of credit card corporations. B) a depository institution owned by a social or economic group. C) a thrift institution that issues credit cards. D) a commercial bank owned by its depositors.
Keynesian macroeconomists argue that the short-run Phillips curve ________ represent a usable trade-off for policymakers because ________
A) does; prices are sticky B) does; prices are not sticky C) does not; prices are not sticky D) does not; prices are sticky
Free-riding by online retailers results in a(n) ________ amount of product-specific services, which ________ harm the manufacturer.
A) optimal; does B) sub-optimal; does C) sub-optimal; does not D) optimal; does not