Which of the following is a determinant of the price elasticity of demand for a product?
I. The existence of substitute goods
II. The percentage of a consumer's total budget devoted to purchases of that commodity
A) I only
B) II only
C) both I and II
D) neither I nor II
Answer: C
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If a firm supplies 200 units at a price of $50 and 100 units at a price of $40, using the midpoint method, what is the price elasticity of supply?
A) 0.33 B) 1.00 C) 3.00 D) 5.00 E) 8.50
Sam spends all of his income on textbooks and hot dogs. The price of a textbook is $40 and the price of a hot dog is $0.50
If Sam is maximizing his utility and the marginal utility he derives from the last textbook he purchases is 400, then the marginal utility he derives from his last hot dog purchased must be A) 400. B) 10. C) 5. D) 20.
Who are the members of the Financial Stability Oversight Council?
What will be an ideal response?
Crowding out may occur because ________ fiscal policy usually involves the government ________ money.
A. expansionary; lending B. contractionary; borrowing C. contractionary; lending D. expansionary; borrowing