The demand for durable goods
A) has decreased over time.
B) declines by a greater percentage than does GDP during a recession.
C) declines by a smaller percentage than does GDP during a recession.
D) rises by a greater percentage than does GDP during a recession.
Answer: B
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Which of the following is a determinant of supply?
A. Number of buyers. B. The prices of the factors of production. C. Consumers' income. D. Consumer tastes or preferences.
Interactive marketing is
A. advertising targeted at specific consumers. B. advertising that targets a specific audience and allows the consumer to follow up directly by placing direct product orders usually through television or radio. C. advertising intended to reach as many consumers as possible. D. advertising that permits a consumer to follow up directly by searching for more information and placing direct product orders.
The market power of a firm refers to its ability to
A. make a profit even when other firms in the industry are making losses. B. erect entry barriers in the industry. C. affect the market price for its industry's output. D. control its own output level while keeping its price the same as the prices charged by other firms.