If a 2 percent change in price leads to a ________ percent change in the quantity demanded, then demand is ________
A) 2; elastic
B) 1; unit elastic
C) 3; inelastic
D) 1; inelastic
E) 0; perfectly elastic
D
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Exhibit 30-4
?
A. Q1. B. Q2. C. Q1 - Q2. D. Q2 - Q1.
Economic games can be used to analyze decisions around which of the following situations?
A. Environmental protection B. War C. Business D. All of these situations.
What is the stopping rule for choosing one's years of schooling?
A. end one's schooling when the rate of return to one more year of schooling equals the worker's rate of discount B. end one's schooling when the return from more schooling is zero C. end one's schooling when the worker's rate of discount equals zero D. end one's schooling after college E. end one's schooling when the cost of one more year of schooling is zero
Horizontal equity means that
A. people across the income scale are treated fairly with regard to ability to pay. B. equal people are treated equally. C. people pay a flat rate. D. equal people are treated unequally.