A product would be more demand price elastic:
a. the shorter the time the consumer has to adjust to price changes.
b. the lower the price of the good.
c. the fewer the number of good substitutes.
d. the less the essential nature of the good.
e. if the supply is more price elastic.
d
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From 2007 to 2009 our current account deficit
A. has been cut in half. B. stayed about the same. C. almost doubled. D. more than tripled.
Wheat is sold in world markets, usually priced in terms of bushels. In the market for wheat, the price elasticity of demand for wheat would be expressed as
A) the number of bushels of wheat sold. B) the number of whatever currency is used in purchasing the wheat. C) the number of dollars spent on wheat. D) a unitless number.
When economists say the quantity supplied of a product has decreased, they mean the
a. supply curve has shifted to the left. b. supply curve has shifted to the right. c. price of the product has risen, and consequently, suppliers are producing more of it. d. price of the product has fallen, and consequently, suppliers are producing less of it.
From the early 1980's through the 1990's, the nominal interest rate
a. fell because the Fed got inflation under control. b. fell because the Fed let inflation get out of control. c. rose because the Fed got inflation under control. d. rose because the Fed let inflation get out of control.