If an increase in the price of a product from $1 to $2 per unit leads to a decrease in the quantity demanded from 100 to 80 units, then demand is:
A. elastic.
B. inelastic.
C. unitary elastic.
D. horizontal.
Answer: B
Economics
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A) increase at an increasing rate. B) increase at a decreasing rate. C) decrease at an increasing rate. D) decrease at a decreasing rate.
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Deflation refers to a:
a. decreasing relative prices. b. decreasing price level. c. slowing down of the rate of inflation. d. federal government policy of running budget surpluses.
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The U.S. dollar is backed by ____________.
Fill in the blank(s) with the appropriate word(s).
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