The price elasticity of demand is equal to
A) the percentage change in quantity demanded divided by the percentage change in price.
B) the change in quantity demanded divided by the change in price.
C) the percentage change in price divided by the percentage change in quantity demanded.
D) the value of the slope of the demand curve.
A
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From 1950 to 2007, the United States experienced ________ business cycle expansions, followed by ________ recessions
A) long; long B) long; brief C) brief; long D) brief; brief
When the housing bubble popped, the effect of the negative demand side shock and the negative supply side shock were the same on:
A. output, causing it to definitely decrease. B. prices, causing them to definitely rise. C. output, causing it to definitely increase. D. prices, causing them to definitely fall.
Which is a barrier to entry?
A. Profit maximization B. Patents C. Revenue maximization D. Elastic product demand
The paper money or currency in the United States essentially represents a(n)
A. liability of the U.S. Treasury. B. liability of the Federal Reserve System. C. liability of commercial banks and savings institutions. D. asset of the Federal government.