If the price of paper books increases and consumer expenditures on paperback books also increase, which of the following is necessarily true?
A. Paperback books are normal goods
B. Paperback books are inferior goods
C. The demand for paperback books is unit elastic
D. The demand for paperback books is elastic
E. The demand for paperback books is inelastic
E. The demand for paperback books is inelastic
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The health care system in Canada is referred to as ________, and is a system in which the provincial governments provide national health insurance to all Canadian citizens
A) a single-payer system B) a universal health insurance system C) socialized medicine D) a private health care system
Since the minimum wage rate began it has typically stayed at about what percentage of the average manufacturing wage?
A) 10-20% B) 20-30% C) 40-50% D) 75-80%
If a positive permanent supply shock were to occur, the resulting equilibrium would be a:
A. higher level of output at lower prices. B. lower level of output and prices. C. higher level of output and prices. D. lower level of output at higher prices.
To measure the effect of debt in an economy, economists use a standard measure which involves the ________ relative to the GDP
A) stock of debt B) stock market activity C) outstanding government bonds D) capital stock of equipment