The demand for spring break vacations is _________________ than is the demand for textbooks because ________________.
A. less price elastic; vacations have more available substitutes.
B. more price elastic; vacations have less available substitutes.
C. less price elastic; vacations are more of a luxury.
D. more price elastic; vacations are more of a luxury.
D. more price elastic; vacations are more of a luxury.
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Contractionary fiscal policy uses ________ government spending and ________ taxes to increase aggregate economic activity
A) lower; higher B) higher; lower C) higher; higher D) lower; lower
When production efficiency does NOT occur,
i. an economy is producing at a point within its PPF. ii. there are unemployed resources. iii. allocative efficiency cannot occur. A) i only B) i and ii C) iii only D) i and iii E) i, ii, and iii
Refer to the above figure. Which panel demonstrates the law of supply?
A) Panel A
B) Panel B
C) Panel C
D) Panel D
Scarcity is a problem faced by all but the wealthiest of citizens
a. True b. False Indicate whether the statement is true or false