If a 10 percent change in the price of a good caused a 10 percent change in the quantity demanded of the good, we would say that over this range of prices the good has a(n)
A. elastic demand.
B. unit elasticity of demand.
C. inelastic demand.
D. perfectly elastic demand.
Answer: B
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Proprietary technology is technology that is
a. widely used because it is easy to learn. b. widely used because the government subsidizes its use. c. not widely used because people could, but have not, taken the time to learn how to apply it. d. not widely used because it is known or controlled only by the company that discovered it.
As a percentage of GDP, health care spending in the United States has:
A. decreased substantially since 1960. B. increased slightly since 1960. C. increased substantially since 1960. D. remained relatively constant since 1960.
Primarily, macroeconomists use microeconomic principles to study
A) business cycles and trends in the stock market. B) long-run economic growth and antitrust policies. C) trends in the stock market and long-term economic growth. D) long-run economic growth and business cycles.
Which of the following would cause a decrease in the short-run aggregate supply curve (SRAS)?
a. An advance in technology b. An increase in the CPI c. An increase in oil prices d. An increase in the long-run aggregate supply curve (LRAS)