For which of the following goods is the price least likely to be flexible?
A.
Airline tickets
B.
Beer
C.
Milk
D.
Newspapers
D.
Newspapers
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Based on historical data, which of the following tended to be most variable over time?
A) real investment spending B) the average propensity to consume C) real consumption spending D) real saving
If the price elasticity of supply is 0.8, and price increased by 5%, quantity supplied would
a. increase by 4%. b. increase by 6.25%. c. decrease by 4%. d. decrease by 6.25%.
Suppose that a tax is placed on books. If the sellers pay the majority of the tax, then we know that the
a. demand is more inelastic than the supply. b. supply is more inelastic than the demand. c. government has required that buyers remit the tax payments. d. government has required that sellers remit the tax payments.
A decrease in the money supply may __________ total expenditures and thus __________ aggregate demand
A) raise; raise B) raise; lower C) lower; raise D) lower; lower