Along the inelastic portion of a demand curve, the
A. change in price will always be less than the change in quantity demanded.
B. percentage change in price will be less than the percentage change in quantity demanded.
C. change in price will always be more than the change in quantity demanded.
D. percentage change in price will be more than the percentage change in quantity demanded.
Answer: D
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When the United States sends money to the Philippines to help typhoon survivors, the transaction is recorded in
A) the financial account. B) the capital account. C) the current account. D) the foreign exchange account.
Daryn is raking leaves to earn money for his university's economics club. In the first hour, he rakes 8 bags of leaves. In the second hour, he rakes 6 bags of leaves. If he earns $8 per hour, the value of the marginal product of the second hour of labor is $48
a. True b. False Indicate whether the statement is true or false
The largest percentage of U.S. national debt to GDP occurred during
A. World War II. B. The Civil War. C. The Great Depression. D. World War I.
During the 1992 presidential campaign, H. Ross Perot made much of the various “special interests” which lobby in Washington, D.C. How might an economist view this? Which specific market breakdown may occur if there is lobbying? Relate your answer to the study of monopoly and oligopoly.
What will be an ideal response?