A jeweler cut prices in his store by 20% and the dollar value of his sales fell by 20%. This is indicative of:
a. elastic demand
b. inelastic demand.
c. perfectly elastic demand.
d. perfectly inelastic demand.
d
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Welfare reform in the U.S. was designed to change an entitlement program into a program that __________.
a. requires work in exchange for assistance for a limited time b. encourages those with lessor abilities to remain out of the work force c. helps low income families retain a sense of community
In some developing countries and in some former Communist countries, people exchange their domestic currencies for foreign currencies such as the dollar in black markets. Why would this practice go on?
What will be an ideal response?
If consumption of a good creates positive externalities, then
a. the market will under produce it b. the market will over produce it c. the market must be perfectly competitive d. the market must be constrained by barriers to entry e. the market will produce the most efficient quantity
The Dow Jones Industrial Average is now based on the prices of the stocks of
a. 30 major U.S. corporations. b. 100 major U.S. corporations. c. 500 representative U.S. corporations. d. 1,000 representative U.S. corporations.