The more broadly a good is defined
a. the more substitutes it has, so demand will be more price-elastic
b. the less substitutes it has, so demand will be more price-elastic
c. the more substitutes it has, so demand will be less price-elastic
d. the less substitutes it has, so demand will be less price-elastic
e. has no effect on the good's price elasticity of demand
D
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The highest unemployment rate in U.S. history was about
A) 10.2 percent in 2009. B) 5.9 percent in 1972. C) 10 percent in 1982. D) 25 percent in 1933. E) 52 percent in 1939.
Suppose the economy's production function is Y = AK0.3N0.7. If K = 2000, N = 100, and A = 1, then Y = 246. If K rises by 10%, and A and N are unchanged, by how much does Y increase?
A) 30% B) 10% C) 6% D) 3%
What is typically the main cost of pursuing a college education?
A) tuition B) room and board C) books and supplies D) income forgone by not working
The absolute value of the slope of the indifference curve is called the:
A. marginal rate of substitution. B. marginal cost. C. marginal revenue. D. average rate of substitution.