Bob got laid off six months ago. He used to go to the movies once a month, but he's only been twice because he lost his job. This type of behavior can be measured using:
A. the price elasticity of demand.
B. the price elasticity of supply.
C. the income elasticity of demand.
D. the cross-price elasticity.
C. the income elasticity of demand.
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GDP tends to ________.
A. overstate economic welfare, because it does not include certain nonmarket activities such as the productive work of housewives B. understate economic welfare, because it does not take into account increases in leisure C. understate economic welfare, because it includes expenditures undertaken to offset or correct pollution D. overstate economic welfare, because it does not reflect improvements in product quality
Damage from floods and hurricanes which destroy a large portion of this year's crop of oranges will definitely make oranges more price inelastic in supply
Indicate whether the statement is true or false
Which of the following is currently the primary source of funding for R&D?
a. Private industry b. Universities and colleges c. Nonprofit organizations d. Federal government
Game theory is based on the idea that each participant makes decisions based on how she believes the competition will react
a. True b. False Indicate whether the statement is true or false