Which of the following products has the least elastic demand?
A. Coca Cola in 12 oz. cans
B. all cola drinks
C. all carbonated beverages
D. all beverages
Answer: D
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If the price of gasoline increases significantly, then we'd expect the demand curve for large trucks and SUVs to
A. become upward-sloping. B. shift to the left. C. not shift, but there will be a movement along that demand curve. D. shift to the right.
If a market basket of goods cost $100 in the base year and $110 in a later year, then average prices have increased by:
A. 110 percent. B. 100 percent. C. 90 percent. D. 10 percent.
If disposable income falls by $50 billion and consumption falls by $40 billion, then the slope of the consumption function is
What will be an ideal response?
The most desirable combination of output attainable with available resources, technology and social values is known as the:
a) Optimal mix of output. b) Economic choice of output. c) Preferred output choice. d) Efficient choice of production.