For each pair of goods, explain which is more elastic: toothpicks vs. cars; electricity vs. yachts; IBM computers vs. Apple computers
The more elastic are cars, yachts, and IBM computers. Cars take a larger fraction of income than do toothpicks, electricity is a necessity vs. luxury yachts, and there are many IBM clones (while the substitutes for Apples are not as close).
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The time it takes for policymakers to obtain and to understand the data and to change the policy instrument based on that information is known as ________, respectively
A) the data, recognition, and effectiveness lags B) the recognition, data, and effectiveness lags C) the data, recognition, and implementation lags D) the recognition, implementation, and effectiveness lags E) the data, implementation, and effectiveness lags
If marginal cost is less than average variable cost, average variable cost will:
A. increase as output rises. B. decrease as output rises. C. equal average total cost. D. remain constant as output rises.
A rational criminal model assumes
A. criminals will commit fewer crimes if the severity of punishment rises. B. criminals commit crimes because they have few legal opportunities. C. criminals will commit fewer crimes if the likelihood of getting caught rises. D. all of the options are correct.
At the end of World War II,
A) tariffs around the world fell substantially. B) agricultural subsidies were significantly reduced. C) most nations began to apply tariffs uniformly across all industries. D) tariffs increased in low-income countries and fell a small percentage in high-income countries.