Which of the following is NOT a determinant of demand?
a. production technology
b. consumers' tastes
C. prices of other goods
d. consumers' incomes
Answer: a. production technology
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A university must decide if it should stop offering foreign language classes. This decision involves answering the economic question of "how to produce."
Indicate whether the statement is true or false
If price elasticity is 3.25 then
A) for every one percent change in price, there will be a 3.25 percent change in quantity demanded. B) for every one percent change in price, there will be a 3.25 percent change in demand. C) for every one percent change in price, there will be a 32.5 percent change in quantity demanded. D) for every one percent change in price, there will be a .0325 percent change in quantity demanded.
The sooner a payment is received and the higher the interest rate, the greater the present value of a future payment
a. True b. False Indicate whether the statement is true or false
Economists believe it is feasible and desirable to reduce environmental damage to zero.
Answer the following statement true (T) or false (F)