The accompanying graph depicts demand.
The price elasticity of demand at point B is:
A. 3.
B. 3/4.
C. 4/3.
D. 1/3.
Answer: C
You might also like to view...
The most common type of firm in the United States is the
A) proprietorship. B) partnership. C) corporation. D) limited partnership.
If all banks are subject to a uniform 25% reserve requirement and demand deposits are the only form of money, a $1,000 open market purchase by the Fed would cause the money supply to
A. increase by $1,000. B. decrease by $1,000. C. decrease by $4,000. D. increase by $4,000.
Velocity is determined by:
A. the size of the government budget deficit. B. the Federal Reserve. C. payments methods and technology. D. average labor productivity times the population growth rate.
To calculate real GDP, ________.
A. multiply the quantities and prices of final goods and services produced in an economy in a year by their prices in that year and then sum the values B. multiply the quantities of all goods and service produced in an economy in a year by their price in that year and then total the result C. sum the quantities of all final goods and services produced in an economy in a year D. multiply the quantities of final goods and services produced in an economy in a year by their prices in a base year and then sum the values