Is demand more elastic in the short run or the long run? Why?
What will be an ideal response?
Demand is generally more elastic in the long run. In the long run, people have time to make adjustments to changes in price and find alternative products.
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Inflation refers to a one-time price increase in a particular market
a. True b. False Indicate whether the statement is true or false
Governments and central banks can track virtual currencies and gain considerable control over their use if:
a. Virtual currency transactions are only among domestic residents (i.e., no foreign-related transactions). b. Virtual currency transactions are only between domestic and foreign residents. c. Virtual currency transactions are recorded (i.e., debited and credited) in clearing houses. d. Virtual currency transactions are peer-to-peer rather than through clearing houses.
If the price elasticity of demand is equal to 1, then demand is unit elastic
a. True b. False Indicate whether the statement is true or false
In the graph below, as the consumer moves from indifference curve 1 to 3, his 
A. real and nominal income are falling, but he can buy more anyway. B. real income is falling, and his nominal income is rising. C. real income is falling and nominal income is constant. D. real income is rising and his nominal income is constant.