The more narrowly we define a good, the easier it is to find substitutes, and
a. the greater is the number of producers of that good
b. the greater is the supply-side response
c. fewer consumers therefore wish to purchase the good
d. less elastic is the demand for that good
e. more elastic is the demand for that good
E
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The term for the Fed's day-to-day technique for controlling the stock of money is called
A) discounting operations. B) interest-rate operations. C) liquidity operations. D) open heart operations. E) none of the above.
Which of the following is a free rider?
a. Butch breeds the feared pit bulls, and his neighbors now erect fences around their property. b. Fred watches many public television programs, but he has never sent in a contribution. c. Barry steals candy from the store where he works. d. Betty regularly uses the local public library. e. Joe drives 20,000 miles a year on public streets, but he pays no more in taxes than Sam, who only drives 1,000 miles.
Which of the following is assumed constant along the demand curve for gasoline?
a. the price of gasoline and the prices of related goods b. the price of gasoline, buyers' incomes, and tastes c. all variables affecting demand other than the price of gasoline d. all variables affecting demand other than the supply of gasoline e. buyers' incomes and tastes, but not the prices of related goods
The idea that investment in comprehensive education in developing countries leads to permanent increases in the rate of technological progress is an example of:
A. increasing economic inequality. B. capital deepening. C. new growth theory. D. a trade-off between human capital and technology.