For which of the following is demand likely to be most price-elastic?
a. steak
b. beef (including steak, ribs, hamburger, etc.)
c. meat (including beef, pork, chicken, lamb, etc.)
d. protein foods (including meat, cheese, beans, eggs, fish, etc.)
e. none of the above (they will all have the same elasticity)
A
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The individual transferrable quota system (ITQ) used to control overfishing is a variation of
A) the tragedy of the commons. B) a prisoner's dilemma game. C) the cap-and-trade system. D) a negative externality.
Mercantilists believed that national military power could be achieved best by _______
a. confiscating church lands and selling them to private businesses. b. freeing business from government regulation. c. having the government supply the infrastructure for the economy, while leaving private enterprise alone in other spheres. d. strictly regulating economic life.
Peru is presented in the video as an example of a country in which:
A. changes in inflation rates are not as mild as they are in the United States. B. hyperinflation wiped out the local currency completely. C. changes in inflation rates tend to be milder than they are in the United States. D. the rate of inflation is tied directly to the rate of inflation for the U.S. dollar.
Refer to the information provided in Figure 1.3 below to answer the question(s) that follow.
Figure 1.3Refer to Figure 1.3. The slope of the line between Points D and C is
A. -3. B. -0.33. C. 0.33. D. 3.