Rank the following goods from least to most elastic: compact cars, convertible compact cars, cars
A) Cars, convertible compact cars, compact cars
B) Compact cars, convertible compact cars, cars
C) Convertible compact cars, compact cars, cars
D) Cars, compact cars, convertible compact cars
D
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Incremental benefits refer to the
a. accumulated gains linked to environmental policy b. total social benefits of avoiding ecological damage c. reduction in environmental damages associated with an environmental policy initiative d. none of the above
When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
How do economists define efficiency? Elaborate.
What will be an ideal response?
Which of the following best describes what will happen to equilibrium if large numbers of people cancel cable television subscriptions in exchange for subscriptions to on-demand movies and televisions providers like Netflix and Hulu?
a. A change in tastes away from cable television causes a leftward shift in the demand curve, a decrease in the equilibrium quantity, and an increase in the equilibrium price. b. A change in tastes away from cable television causes a rightward shift in the demand curve, a decrease in the equilibrium quantity, and a decrease in the equilibrium price. c. A change in tastes away from cable television causes a leftward shift in the demand curve, an increase in the equilibrium quantity, and a decrease in the equilibrium price. d. A change in tastes away from cable television causes a rightward shift in the demand curve, a decrease in the equilibrium quantity, and a decrease in the equilibrium price.