Which of the following is associated with a more elastic demand curve?
a. availability of many close substitutes
b. a greater amount of time for consumers to respond to a price change
c. a large percentage of income spent on the good in question
d. all of the above
d
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Which of the following is a benefit of affirmative action programs?
A) They ensure that qualified minorities are not being passed over in favor of less-qualified applicants. B) They ensure a fundamental sense of fairness in hiring and promotion. C) They can provide a means and an incentive for members of historically underperforming groups to intentionally change their characteristics, such as investing in education and acquiring experience. D) All of the above are benefits of affirmative action programs.
In the short-run:
a. All inputs are variable b. Some inputs are fixed and some inputs are variable c. There are no fixed inputs d. The firm is not restricted in how much it can produce
If banks faced a 100 percent reserve requirement, a $10,000 reduction in banking reserves would decrease the money supply by: a. $1,000,000. b. $100,000
c. $10,000. d. $1,000.
Who benefits from international trade? Who loses?