The quantity demanded is called elastic if it is ______.
a. responsive even to a small change in price
b. responsive mainly to a large change in price
c. unresponsive to a small change in price
d. unresponsive even to a large change in price
a. responsive even to a small change in price
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The M2 measure of money consists of the sum of:
A. currency, checking and savings deposits. B. M1, savings deposits, small time deposits, and money market mutual funds. C. savings deposits, small time deposits, and money market mutual funds. D. currency, checking and savings deposits, and small time deposits.
A Chinese worker started working in the U.S. and earned an income of $10,000 during a certain year. This will lead to a(n) ________ in the same year
A) increase in the GDP of U.S B) increase in the GNP of U.S. C) decrease in the GDP of China D) increase in the GDP of China
In a short-run production process, the marginal cost is rising and the average variable cost is falling as output is increased. Thus,
A) average fixed cost is constant. B) marginal cost is above average variable cost. C) marginal cost is below average fixed cost. D) marginal cost is below average variable cost.
In profit centers
a. Managers are difficult to evaluate because there is no simple metric of how well they performed b. Managers typically do not have the information to run their division efficiently c. Managers' decisions can affect other divisions d. Managers typically do not have the incentives to run their division efficiently