If demand is elastic and the price of a product decreases by 100 percent, then
A. the decrease in quantity demanded is greater than 0 percent.
B. the change in quantity demanded is greater than 100 percent.
C. the change in quantity demanded is equal to 100 percent.
D. the change in quantity demanded is less than 100 percent.
Answer: B
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Use the figure below to answer the following question.
The figure above shows three supply curves for wheat. Which of the following would cause the quantity of wheat supplied to increase from point a to point b?
A. a tax on wheat production B. an increase in the price of wheat C. a decrease in the price of wheat D. a subsidy for wheat production
When a good is price inelastic, consumer expenditures on the good
A) increase when price increases. B) decrease when price increases. C) do not change when price increases. D) are not related to price elasticity of demand.
Many countries in the Far East, such as South Korea and Tawin have experience decades of repaid economic growth following by lower economic growth recent year. The phenomenon is known as
A. The catch-up-effect B. The exploitation effect (WA) C. The Asian effect D. The supper growth effect E. The over investment effect.
In 2016 final sales equal $500 billion and the change in business inventories is -$40 billion. GDP in 2016 is
A. -$40 billion. B. $460 billion. C. $500 billion. D. $540 billion.