The ticket price of zero for the viewing of a television show taping often results in a shortage of tickets which are frequently rationed on a first-come-first-served basis
Indicate whether the statement is true or false
True
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If the price elasticity of demand for Harley-Davidson motorcycles is -1.2 and quantity demanded increases by 24%, price must have
A. decreased by 0.05%. B. decreased by 28.8%. C. decreased by 20%. D. increased by 20%.
An inferior good is one for which
A. demand increases as income increases. B. the demand curve is vertical. C. demand decreases as income increases. D. the demand curve slopes up.
During a recession:
a. Net exports tend to rise. b. Consumption tends to rise. c. Net exports remain unchanged. d. Businesses tend to invest more in new plant and equipment. e. Inventories tend to fall as businesses sell them off.
Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower