When the price elasticity of demand of a service is _____, a small increase in price will lead to a decline of the same percentage in quantity.
A. 10
B. 1.0
C. 0.0
D. 0.1
B. 1.0
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For an economy as a whole,
a. wages must equal profit. b. consumption must equal income. c. income must equal expenditure. d. consumption must equal saving.
When income taxes fall, the supply of labor curve shifts rightward, ultimately leading to the LRAS curve shifting rightward (economic growth)
Indicate whether the statement is true or false
A vehicle currency is:
a. contraband-it is used to smuggle other assets into controlled economies. b. a widely accepted, tradable currency that serves as a currency to use for buying or selling one's own. c. a currency whose value changes rapidly and erratically. d. a currency used to purchase imports of autos, buses, and other transportation equipment.
How can one "beat the market"?
What will be an ideal response?