In Figure 5-3, the price elasticity of demand equals __________ between points T and U and equals __________ between points V and W
a.
0.33; 1.86
b.
0.54; 3
c.
3; 0.54
d.
1.86; 0.33
e.
2; 2
d
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________ in economics is a measure of satisfaction or happiness that comes from consuming a good or service
A) Budget B) Utility C) Income effect D) Substitution effect
The present value of $100 to be received in a year is
A) less than $100 and falls as the interest rate rises. B) less than $100 and rises as the interest rate rises. C) more than $100 and falls as the interest rate rises. D) more than $100 and rises as the interest rate rises.
Consider the following data for a closed economy:
a. Y = $12 trillion b. C = $8 trillion c. I = $3 trillion d. TR = $2 trillion e. T = $3 trillion Use the data provided to calculate the level of private saving and the level of public saving and demonstrate their relationship to investment.
The European subjugation or displacement of Native Americans from their lands
(a) was justified largely on the grounds that "might makes right." (b) was justified largely on the grounds of the "divine right of kings." (c) derived from the Christian belief of a right of conquest over non-Christian people. (d) was none of the above.