The demand for bread is likely to be more elastic than the demand for solid-gold bread plates
a. True
b. False
Indicate whether the statement is true or false
False
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Most economists believe that biases cause changes in the CPI to overstate the inflation rate by ________ percentage points
A) 0.1 to 0.2 B) 0.2 to 2.0 C) 0.4 D) 0.5 to 1.0 E) 1.0 to 3.0
Which of the following was not a major factor in explaining the decline of death rates in the U.S. in the late 19th and early 20th century?
a. urbanization b. improvements in sanitation c. improvements in medical treatments d. Both a and c are correct.
If a tax is imposed on a market with inelastic demand and elastic supply, then
A. it is impossible to determine how the burden of the tax will be shared. B. sellers will bear most of the burden of the tax. C. the burden of the tax will be shared equally between buyers and sellers. D. buyers will bear most of the burden of the tax.
If sellers respond to very small changes in price by adjusting their quantity supplied by extremely large amounts, the price elasticity of supply approaches
a. zero, and the supply curve is horizontal. b. zero, and the supply curve is vertical. c. infinity, and the supply curve is horizontal. d. infinity, and the supply curve is vertical.