Which of the following goods is likely to have the most elastic demand curve?
A. Tobacco products.
B. Gasoline.
C. Medical care.
D. Honda automobiles.
Answer: D
You might also like to view...
An open capital market affects a nation's economic growth by
a. channeling capital into productive projects and away from wasteful projects. b. rewarding investors who find the most productive projects and invest in them. c. making the lowest-cost capital available from around the world. d. all of the above.
As the quantity produced of a good increases, the social welfare generated by that good increases
Indicate whether the statement is true or false
If an economy is producing a combination of goods that places it inside the production possibilities curve, then it has:
A) economic growth. B) full employment. C) efficiency. D) idle factors of production or inefficient use of resources.
Gunnar can work as a campus security officer at a guaranteed salary of $20,000 per year or as a real estate agent
If Gunnar works as a real estate agent, there is a 50 percent chance that he will earn $10,000 per year and a 50 percent chance that he will earn $30,000 per year. Based on the table above, Gunnar's expected utility if he works as a real estate agent is A) 170. B) 85. C) 20. D) 90.