Research by Warburton, and more recently Miron and Zweibel on alcohol consumption during and after prohibition indicates that:
a. the demand for alcohol is fairly price inelastic.
b. the demand for alcohol is fairly income inelastic.
c. the demand for alcohol is fairly price elastic.
d. the demand for alcohol has a price elasticity of zero.
the demand for alcohol is fairly price inelastic.
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President Obama has proposed a goal that everyone complete at least one year of formal education or training beyond high school. This policy would
A) increase human capital and increase economic growth. B) increase physical capital and increase economic growth. C) increase financial capital and increase economic growth. D) eliminate opportunity costs and increase economic growth.
An example of a short-run fixed factor of production is
A) capital equipment. B) labor. C) electricity. D) postage for mailing.
Which of the following is considered to be an investment in economists' point of view?
a. Serena buys bonds issued by Citibank. b. John purchases a new house. c. Venus invests hundred thousand dollars in Bear Stearns stock. d. Allen sells the old truck he used for transporting goods.
According to the classical economists, an increase in unemployment
A. could not occur. B. would be made worse by a decrease in interest rates. C. would be reduced by an increase in interest rates, wages, and prices. D. would be reduced by a decrease in interest rates, wages, and prices.