In general, the more elastic a demand curve is the:
A. faster it will shift when price changes.
B. flatter it will be.
C. steeper it will be.
D. more bowed-in it will be.
Answer: B
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The number of buyers of sport utility vehicles, SUVs, decreases sharply. So the
A) demand curve for SUVs does not shift, but there is a movement downward along it. B) demand curve for SUVs shifts leftward. C) demand curve for SUVs shifts rightward. D) demand curve for SUVs does not shift, nor is there a movement along then demand curve. E) supply curve for SUVs shifts rightward.
When no property rights exist
A) no one has an economic incentive to care for common property, and an externality may well occur. B) there will be no production. C) externalities will be internalized by voluntary arrangements among a small group of parties. D) society will produce beyond the production possibilities frontier, but the allocation of resources is not apt to be optimal.
Refer to the accompanying table. Martha's opportunity cost of making of a pie is: Time to Make a PieTime to Make a CakeMartha60 minutes80 minutesJulia50 minutes60 minutes
A. 80 cakes. B. 8 cakes. C. 3/4 of a cake. D. 4/3 of a cake.
The level of reserves in the monetary system is determined by
A. Congress. B. the President of the United States. C. the Treasury Department. D. the Federal Open Market Committee.