A perfectly inelastic demand:
A. means people will quickly change the quantity they purchase when price changes.
B. means people will not respond to any change in price.
C. is demonstrated by a perfectly horizontal demand curve.
D. has an absolute value greater than 1.
B. means people will not respond to any change in price.
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Which of the following is an example of an obligation associated with a right?
a. Providing adequate notice period to your tenants to vacate your house. b. Allowing your kids to play with other children in the neighborhood. c. Allowing neighbors to use your lawn to maintain healthy public relations. d. Providing proper education and adequate nutrition to your children.
Economists generally believe that a country’s productivity and growth is driven by ______.
a. access to international markets b. increases in natural resources c. human population increases d. technological progress
For a given nominal interest rate, an unexpectedly high inflation rate ________ the real interest rate.
A. decreases B. increases C. may either increase or decrease D. has no impact on
Short-run costs that depend on the level of output are
A. total fixed cost only. B. total costs only. C. total variable costs only. D. both total variable costs and total costs.