In the above figure, the relationship between income and expenditures is
A) positive.
B) negative.
C) independent.
D) random.
A
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Price elasticity of demand is useful because it measures __________ responsiveness to changes in __________
a. taxpayers'; demand b. producers'; supply c. consumers'; price d. consumers'; demand e. producers'; income
Which of the following are true?
a. Economists use the criterion of economic efficiency to judge the merit of alternative outcomes. b. Undertaking an economic action will be efficient if it produces more benefits than costs for the individuals of the economy. c. Undertaking an economic action will be inefficient if it produces more costs than benefits to the individuals. d. All of the above are true.
An increase in the price of milk causes a decrease in the demand for cereal. The two products are
a. demand sensitive b. substitutes c. demand inelastic d. complements
The unemployment rate is equal to the number of people who are unemployed divided by the number of people in the labor force.
Answer the following statement true (T) or false (F)