Refer to the table above. What is the shortage in the market when the price of a notebook is $1?
A) 0 units
B) 10 units
C) 14 units
D) 16 units
D
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For a given product, income elasticity of demand relates the percentage change in:
a. quantity demanded to the percentage change in income. b. quantity demanded to the absolute change in income. c. income to the percentage change in price. d. price to the absolute change in quantity demanded. e. income to the percentage change in quantity available for sale.
Comparisons of business cycles before and after World War II show that
a) there has been no significant change in the nature of business cycles b) the amplitude of business cycles has increased in recent years c) diminishing foreign trade has successfully reduced volatility in the post-war period d) expansions have lengthened and contractions have shortened e) recessions have become shorter but deeper, while expansions have become shorter with higher growth rates
Each governor of the Federal Reserve is
A) appointed by the President to a 4-year term. B) appointed by the President to a 14-year term. C) appointed by the President for life. D) elected by the Presidents of banks and savings institutions.
Which of the following is closest to a perfectly competitive market?
A. the computer software market B. the market for broccoli C. the market for athletic shoes D. the market for handmade guitars