If the absolute value of the price elasticity of demand for aspirin equals 0.8 then
A) aspirin has few substitutes. B) the demand for aspirin is elastic.
C) the demand for aspirin is inelastic. D) aspirin is a normal good.
C
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In the above figure, the combination of personal computers and televisions shown by point w
A) is an efficient use of society's resources because it is below the production possibilities curve. B) is more desirable than point x because producing at point w does not put a strain on society's resources. C) is attainable but involves the inefficient use of some of society's resources. D) is beyond the capacity of society to produce.
If the price level this year was 140 and was 135 last year, what was the inflation rate to the nearest decimal?
SW's ________________ to fly an average 1,000-mile trip were higher than those of US Airways, Frontier, JetBlue, Alaska, Allegiant and Spirit airlines in 2013
Fill in the blank(s) with the appropriate word(s).
If inflation is both high and volatile:
A. nominal interest rates will also be high and volatile since real interest rates are stable. B. lenders may be unwilling to lend out of fear of unexpected increases in inflation. C. real interest rates will also be high and volatile since nominal interest rates are stable. D. borrowers may be unwilling to borrow out of fear of unexpected increases in inflation.