Using the economic way of thinking, which of the statements listed below best answers the following question: Why do professional athletes tend to make more money than professional poets?
A) Americans love sports and hate poetry.
B) Poets are less greedy and materialistic than athletes.
C) More people are willing to pay $50 per ticket to see an athletic competition than they are to listen to a poet.
D) The supply of poets is too low.
C
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If 20% increase in the price of a good leads to a 60% decrease in the quantity demanded, then what is the price elasticity of demand?
A. 1/3. B. 30. C. 3. D. 1/6.
The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
If the United States decides to convert automobile factories to tank production, as it did during World War II, but finds that some auto manufacturing facilities are not well suited to tank production, then
A. Increasing opportunity costs will occur with greater tank production. B. The production possibilities curve between tanks and automobiles will appear as a straight line. C. The production possibilities curve between tanks and automobiles will shift outward. D. Decreasing opportunity costs will occur with greater automobile production.
According to Keynes, the level of economic activity is predominantly determined by the level of
A. Interest rates. B. Unemployment. C. Aggregate demand. D. Aggregate supply.