If the demand for a good were completely inelastic,
A) the good is a basic necessity.
B) the good is a luxury.
C) there are no substitutes for the good.
D) there had been a long period of time for people to adjust their behavior.
E) people who own the good currently do not want to give it up except at much higher prices.
C
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From the data in the above table, when the economy is in short-run equilibrium, if aggregate demand does not change, then as time passes the
A) short-run aggregate supply curve shifts rightward. B) short-run aggregate supply curve shifts leftward. C) long-run aggregate supply curve shifts rightward. D) long-run aggregate supply curve shifts leftward.
A luxury good has
A) a negative income elasticity. B) a cross elasticity of one. C) a very high income elasticity. D) a negative price elasticity.
Which of the following contribute to increases in productivity?
a. incentives for innovation b. more physical capital c. an improved education system d. all of the above
The Single European Act that came into effect in 1992 removed restrictions on people working in other member countries but retained restrictions on the flows of financial investments across the member countries.
Answer the following statement true (T) or false (F)