The economist in the 1930s who is credited with key insights into causes of economic downturns was:
A. Adam Smith
B. David Ricardo
C. Ben Bernanke
D. John Maynard Keynes
Answer: D
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All of the following are social insurance programs designed to attack poverty EXCEPT
A) Social Security. B) temporary assistance to needy families. C) food stamps. D) tuition assistance.
If a regulator forced a natural monopolist to set P = MC
A. the monopolist would break even. B. the monopolist would suffer economic losses. C. the monopolist would earn economic profits. D. the monopolist would earn monopolistic profits.
Explain why the price elasticity of demand changes along a linear demand curve
What will be an ideal response?
Refer to the information provided in Figure 5.3 below to answer the question(s) that follow.
Figure 5.3Refer to Figure 5.3. Use the midpoint formula. If the price of a gardenburger decreases from $8 to $7, the price elasticity of demand equals ________ and demand is ________.
A. -2.29; inelastic B. -0.47; inelastic C. -3.5; elastic D. -2.14; elastic