If price elasticity is 3.25, then demand is
A) inelastic.
B) elastic.
C) unitary.
D) negative.
B
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The result that the growth rate of output per worker is equal to 1.43 × is ________
A) true of the Solow model only B) true of both the Solow model and the Romer model C) true of the Romer model only D) true under the common-law legal system only
Which of the following would cause a shift to the right of the supply curve for gasoline?
I. A large increase in the price of public transportation. II. A large decrease in the price of automobiles. III. A large reduction in the costs of producing gasoline. A) I only B) II only C) III only D) II and III only
Characteristics of a perfectly competitive market include:
A. the absence of transaction costs. B. differentiated products. C. few sellers, some with a large market share. D. All of these are characteristics of a perfectly competitive market.
A higher deficit in the current year will lead to increased debt in the future only if
A) the deficit is greater than the previous year's deficit. B) the deficit-to-GDP ratio is greater than the debt-to-GDP ratio. C) it causes a drop in private saving. D) it causes an increase in private saving. E) none of the above