If a large percentage change in price leads to a smaller percentage change in quantity demanded, the result is a:
A. very elastic demand.
B. less elastic demand.
C. low magnitude of response.
D. high magnitude of response.
B. less elastic demand.
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Most economists estimate that the U.S. factor of production most likely to be hurt by the formation of the NAFTA is unskilled U.S. labor
Indicate whether the statement is true or false
A low correlation coefficient implies that
A) the line always has a flat slope B) in the scatterplot, the points fall quite far away from the line C) the two variables are unrelated D) you should use a tighter scale of the vertical and horizontal axis to bring the observations closer to the line
When Dr. Sandy Roos treats a welfare patient and is paid by the government, the money she receives is part of the ________ category(ies) of government spending
a. income support, Social Security, and welfare b. veterans' benefits c. agriculture and public assistance d. international aid e. educational
What relates positive economics to normative economics?
A. The science of economics B. The art of economics C. Macroeconomics D. Microeconomics