Price elasticity of demand is defined as:
a. the slope of the demand curve
b. the slope of the demand curve divided by the price.
c. the percentage change in price divided by the percentage change in quantity demanded.
d. the percentage change in quantity demanded divided by the percentage change in price.
d
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Other things being equal, if you took money out of your demand deposit account and put it in a savings deposit account:
a. M1 would increase and M2 would increase. b. M1 would increase but M2 would not change. c. M1 would decrease and M2 would decrease. d. M1 would fall but M2 would not change.
An optimal decision is one that chooses
a. the most desirable alternative among the possibilities permitted by the resources available. b. the lowest cost method of meeting goals, without regard to quality or any other feature. c. among various possible goals and offends no one, so that all are equally happy. d. among equally important goals, and thereby avoids the "indispensable necessity" syndrome. e. among possible goals in such a way that spends as little money as possible.
Unions will be more effective at raising wages when it is difficult for nonunion competitors to enter the industry.
Answer the following statement true (T) or false (F)
The table below shows four different currencies and how much of each currency can be purchased with a U.S. dollar.
