A person who takes a prescription drug to control high cholesterol most likely has a demand for that drug that is
a. inelastic.
b. unit elastic.
c. elastic.
d. highly responsive to changes in income.
a
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Suppose all prices increase by 10 percent in the year while the total sales of HDTVs remain constant. This is
A) a violation of the law of demand since fewer HDTVs should be purchased at a higher price. B) a violation of the law of demand since more HDTVs should have been purchased with higher incomes. C) not a violation of the law of demand since the relative price of HDTVs did not change. D) not a violation of the law of demand since the law of demand does not apply to expensive goods like HDTVs.
Why do price levels increase when government adopts fiscal or monetary policy to correct the economy when it faces a recession and high unemployment?
Which of the following definitions of the money supply is the least liquid?
a. M1 b. M2 c. M3 d. L
Refer to the diagram. An industrial union could maximize employment by negotiating a wage rate of:
A. W 4 .
B. W 3 .
C. W 2 .
D. W 1 .