If the price elasticity of demand for a good is greater than one in absolute value, economists characterize that demand is
A) elastic.
B) inelastic.
C) perfect.
D) vertical.
A
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What will be an ideal response?
A scatterplot
A) shows how Y and X are related when their relationship is scattered all over the place. B) relates the covariance of X and Y to the correlation coefficient. C) is a plot of n observations on Xi and Yi, where each observation is represented by the point (Xi, Yi). D) shows n observations of Y over time.
If the economy has substantial unemployment, then the inflationary costs of expansionary policy are likely to be: a. low, and the unemployment gains minimal. b. low, and the unemployment gains large
c. high, and the unemployment gains minimal. d. high, and the unemployment gains large.
Voluntarism includes methods for dealing with pollution that
A. carry no legal authority. B. assume the public has been made aware of the environmental damage they are responsible for. C. involve trying to coerce polluters to reduce or eliminate pollution voluntarily. D. rely on neighborhood vigilantism.