Which of the following characteristics would describe a product with an elastic demand?
A. The good is considered a necessity and many substitutes for the product exist.
B. The good is considered a necessity and few substitutes for the product exist.
C. The good is considered a luxury and many substitutes for the product exist.
D. The good is considered a luxury and few substitutes for the product exist.
C. The good is considered a luxury and many substitutes for the product exist.
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Which of the following is one of the most widely followed stock indexes in the United States?
A) the Fortune 500 B) the Securities and Exchange Commission C) the Dow Jones Industrial Average D) the Chicago Mercantile Exchange
According to the World Bank, the high-income oil-exporting nations like Libya, Saudi Arabia, Kuwait, and the United Arab Emirates:
a. are considered to be still-developing countries. b. are the major trade partners of the U.S. c. are considered as underdeveloped economies. d. have highly interdependent economies. e. are considered highly-developed countries.
In the long-run, an increase in aggregate demand increases the price level, but not real GDP
a. True b. False Indicate whether the statement is true or false
Why does the substitution bias cause the consumer price index to overstate inflation and the cost of living? Why does the increase in quality bias cause the consumer price index to overstate inflation and the cost of living?
What will be an ideal response?