Which of the following statements is true?
a. The elasticity of demand for a product cannot change over time.
b. Elasticity is useful in theory but cannot be measured in real life.
c. The elasticity of demand will be larger if there are good substitutes available.
d. If I can't live without the product, my demand will be elastic.
e. none of these are true
c. The elasticity of demand will be larger if there are good substitutes available.
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Which of the following is NOT considered capital?
A) an assembly line at a General Motors plant B) a computer used by your instructor for presentations in class C) stocks and bonds that are sold by Pepsico D) the furniture in the President's office E) a nail gun used for building houses
During the twentieth century, the market structure of the U.S. economy has
A) become less competitive. B) remained about the same. C) become more competitive. D) become mostly monopolies.
What is the result when real planned saving exceeds real planned investment spending?
A) The economy is in equilibrium. B) There is unplanned accumulation of business inventories. C) There is unplanned depletion of business inventories. D) Employment expands.
When federal outlays exceed revenues, the budget is said to be in surplus
Indicate whether the statement is true or false