The elasticity of demand for a product is likely to be greater
A. the smaller the number of substitute products available.
B. the greater the amount of time over which buyers adjust to a price change.
C. the smaller the proportion of one's income spent on the product.
D. if the product is a necessity, rather than a luxury good.
Answer: B
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One of the series included among the lagging indicators is
A) the change in sensitive material prices. B) the index of industrial production. C) employees on non-agricultural payrolls. D) average duration of unemployment.
The federal government has several economic roles; name three: (1) _____, (2) _____ and (3) _____.
Fill in the blank(s) with the appropriate word(s).
Which of the following properly ranks the size of tax revenues received by the federal government from highest to lowest?
A. Corporate taxes, Social Security payroll taxes, income taxes, and excise taxes. B. Social Security payroll taxes, excise taxes, corporate taxes, and income taxes. C. Income taxes, Social Security payroll taxes, corporate taxes, and excise taxes. D. Excise taxes, Social Security payroll taxes, income taxes, and corporate taxes.
In this economic growth and production possibilities curve, operating under the new production possibilities curve will always produce more than the old one, provided that the ______.
a. economy in the new curve is inefficient
b. economy for both curves is efficient
c. same technology is used in the economy of both curves
d. economy in the new curve uses fewer resources