Of the following, which good has the most elastic demand?
A) food
B) breakfast food
C) cereal
D) Post Raisin Bran
E) Post Raisin Brand purchased at a Safeway grocery store
E
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The first step in the evolution of money involved the use of _____
a. physical commodities b. barter c. pieces of paper representing claims on physical commodities d. pieces of paper with no intrinsic value e. electronic entries representing claims on pieces of paper with no intrinsic value
Ceteris paribus, if a 20 percent increase in the price of shoes leads to a 10 percent increase in the quantity supplied of shoes, then the price elasticity of supply is equal to _____
a. 2 b. 20 c. 10 d. 0.5 e. 0.2
If land is not in demand, its rent will be _________.
Fill in the blank(s) with the appropriate word(s).
Which of the following is an example of a public good?
A. a weather warning system B. a sofa C. a bottle of soda D. a television set