Which of the following is NOT considered a consumption good?
A) Nike swimming trunks
B) marriage counseling services
C) a UPS truck
D) a Subway sandwich
E) a U.S. government bond
C
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What is the loanable funds market?
What will be an ideal response?
Refer to Figure 2.1. At point C, demand is:
A) completely inelastic. B) inelastic, but not completely inelastic. C) unit elastic. D) elastic, but not infinitely elastic. E) infinitely elastic.
In the market for eggs, a removal of the price ceiling on eggs results in:
a. an increase in the demand for eggs. b. farmers supplying more eggs to the market. c. consumers demanding a larger quantity of eggs. d. farmers supplying less eggs to the market. e. consumers demanding a smaller quantity of eggs.
In the $160 to $180 price range in Figure 20.1, the absolute value of the price elasticity of demand is closest to
A. 9.0. B. 5.7. C. 0.175. D. 1.0.