Which of the following statements is INCORRECT?
A. The price elasticity of demand tends to be greater for a specific brand of a product than for a product in general.
B. The price elasticity of demand tends to be smaller when consumers have less time to adjust to price changes.
C. The price elasticity of demand tends to be greater when a product accounts for a smaller portion of the consumer's budget.
D. The price elasticity of demand tends to be greater for a product with more substitutes available.
Answer: C
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Which of the following statements presents accurate information about the Napoleonic Wars (1793-1815)?
a. The major adversaries in the Wars were England and Canada. b. The peace treaty that ended the Wars is known as the Essex Decision. c. The Wars led to increased demand for American shipping services. d. During the temporary peace of 1801-1803, demand for U.S. re-exports increased.
From 1929 to 1933, U.S. output dropped by about
a. 10 percent b. 20 percent c. 25 percent d. 50 percent e. 75 percent
Economic stagnation coupled with high inflation is commonly called:
A. stagflation. B. inflationary stagnation. C. stagnatory growth. D. inflagnation.
The table above gives the market share of sales of firms in the retail clothing market. What is the four-firm concentration ratio?
A) 70 percent B) 100 percent C) 85 percent D) 65 percent