Which of the following is likely to have the most price inelastic demand?
a. white chocolate chip with macadamia nut cookies
b. Mrs. Field's chocolate chip cookies
c. milk chocolate chip cookies
d. cookies
d
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The short-run macro model
a. relies on the market-clearing assumption b. is used primarily for long-run analysis c. is used primarily for short-run analysis d. focuses on the supply of and demand for resources e. focuses on fluctuations in the financial markets to explain fluctuations in real GDP
Explain the concept of statistical discrimination and give an example of it. How can it lead to discrimination even in the absence of prejudice?
What will be an ideal response?
The quantity demanded of a good or service is the amount that
A) a consumer would like to buy but might not be able to afford. B) is actually bought during a given time period at a given price. C) consumers plan to buy during a given time period at a given price. D) firms are willing to sell during a given time period at a given price.
Actions taken by investors who sell a country's currency in anticipation of buying it back later at a lower price is known as
A) purchasing power parity. B) destabilizing speculation. C) currency arbitrage. D) exchange rate manipulation.