The more time that elapses, the
A. smaller the income elasticity of demand for the product.
B. more price elastic is the demand for the product.
C. greater the income elasticity of demand for a product.
D. less price elastic is the demand for the product.
Answer: B
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In the foreign exchange market, the demand for dollars increases and the demand curve shifts if the
A) U.S. exchange rate falls. B) expected future exchange rate falls. C) U.S. interest rate differential decreases. D) U.S. exchange rate rises. E) U.S. interest rate differential increases.
There is a proverb "anything worth doing is worth doing well." Do you think an economist would agree with this proverb?
What will be an ideal response?
In the Keynesian framework, as long as output is above the equilibrium level, unplanned inventory investment will remain ________ and firms will continue to ________ production
A) negative; lower B) negative; raise C) positive; lower D) positive; raise
The general public disapproved of key features of the 1996 welfare legislation
Indicate whether the statement is true or false