On a linear demand curve, demand is ________ at small quantities than it is at the middle of the demand curve.
A. more elastic
B. less elastic
C. equally elastic
D. There is insufficient information in the question.
Answer: A
You might also like to view...
The Breton Woods System was an agreement that:
A. required each participating country to abolish all trade barriers. B. required each participating country to stay on the gold standard. C. standardized tariffs across all participating countries. D. required each participating country to peg their currency to the U.S. dollar.
One criticism of monetary policy based on a predetermined steady growth rate in money supply is that
A) wages and prices are sufficiently flexible to allow the economy to restore the natural level of Real GDP on its own. B) the total lag in monetary policy may be too long to allow for effective monetary policy. C) changes in velocity, if not accounted for, can then be a source of price instability. D) a and b E) all of the above
2 Conflicting Principles (taxes and fairness)
What will be an ideal response?
A decrease in the value of a currency relative to other currencies is called a(n):
A. appreciation. B. revaluation. C. devaluation. D. depreciation.