Refer to the information provided in Figure 26.4 below to answer the question(s) that follow.
Figure 26.4Refer to Figure 26.4. Which of the following causes the economy to move from Point A to Point E?
A. an increase in the price level
B. technological progress
C. an influx of immigrants
D. an oil embargo that increases the price of oil
Answer: D
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Which of the following barriers to entry can best explain the continued success of a product that has been shown to be, in some way, harmful to the health of consumers?
A) Patent. B) Consumer lock-in. C) Brand loyalty. D) Ownership of an essential resource.
If a one percent increase in the population leads to a five percent increase in the quantity sold, an economist would claim
A) the good is elastic with respect to population. B) the good is inelastic with respect to population. C) the good is a fad. D) consumers are misinformed about the quality of the product.
Suppose that initially there is no public debt. Using the above table, what is the public debt as a percentage of GDP in Year 4?
A) 5.8 percent B) 7.8 percent C) 3.6 percent D) 2.0 percent
The demand for a pack of gum is ______________ than is the demand for a steak because _______________.
A. less price elastic; a pack of gum requires a smaller portion of one's income. B. more price elastic; a pack of gum requires a smaller portion of one's income. C. less price elastic; a pack of gum is more of a luxury. D. more price elastic; a pack of gum is more of a luxury.