Suppose diamonds have an absolute price elasticity of 0, the demand for the good is
A. unit elastic.
B. inelastic.
C. perfectly inelastic.
D. elastic.
Answer: C
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________ is the ability to move to a different part of the income distribution
Fill in the blank(s) with correct word
Which of the following would cause the money supply in the United States to expand?
a. A decrease in reserve requirements. b. An increase in the discount rate. c. The sale of U.S. government bonds by a Federal Reserve bank. d. An increase in the world supply of gold.
Acres of LandTanks of FertilizerTruckloads of Potatoes2002820170202105203135204152205141
Refer to Table 2.4. What can be observed about the given resources?
A. Land is variable but fertilizer is fixed. B. Land and fertilizer are both fixed. C. Land and fertilizer are both variable. D. Land is fixed but fertilizer is variable.
The U.S. government agency responsible for compiling the national income accounts is the:
A. Census Bureau. B. Bureau of Labor Statistics (BLS). C. Commerce Department's Bureau of Economic Analysis (BEA). D. Government Accountability Office (GAO).