The more time people have to adjust to a price change:
A. the less elastic their demand will be.
B. will not affect the elasticity of their response unless it is a luxury good.
C. the more elastic their demand will be.
D. will not affect the elasticity of their response unless the good is a necessity.
C. the more elastic their demand will be.
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To measure the effect of debt in an economy, economists use a standard measure which involves the ________ relative to the GDP
A) stock of debt B) stock market activity C) outstanding government bonds D) capital stock of equipment
The London gold fixing is an example of a(n)
A) dealer market. B) Walrasian auction market. C) brokered market. D) secondary market.
If the percentage change in quantity demanded is proportionately greater than the percentage change in price, the product is said to be;
(a) Elastic. (b) Perfectly Elastic. (c) Inelastic. (d) Unit Elastic.
A corporation’s authority to act and its liability for those actions is, with respect to the firm’s owners,
a) proportional. b) one and the same. c) joint and several. d) separate and apart.