When the absolute percentage change in quantity demanded is just equal to the percentage change in price, demand is
A. relatively inelastic.
B. unit-elastic.
C. perfectly inelastic.
D. elastic.
Answer: B
You might also like to view...
A bowed out PPF reflects which of the following ideas?
i. Increasing opportunity cost ii. Resources are not equally productive in all activities. iii. Prices of goods increase over time. A) i only B) i and ii C) i and iii D) ii and iii E) i, ii, and iii
Poverty is
A. an absolute, not a relative concept. B. a relative concept, not an absolute. C. both an absolute and a relative concept. D. neither an absolute nor a relative concept.
When the dollar value of a country's imports of final products exceeds the dollar value of its exports, the country has a
A. balance of trade deficit. B. balance of payments surplus. C. balance of trade surplus. D. balance of payments deficit.
Which of the following is the money multiplier?
A. The required reserve ratio. B. 1/(1 - the required reserve ratio). C. 1/(required reserve ratio). D. 1/(1 - MPC).