Some environmental groups are on record suggesting that the price of gasoline should be much higher than it was in the early 1990s. Why might they say this?
A) They own stock in oil companies.
B) They anticipate that the longer the price is high, the more elastic the response by consumers will be.
C) They anticipate that the longer the price is high, the less elastic the response by consumers will be.
D) They anticipate that higher prices will reduce the price elasticity of supply of oil.
B
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Goods are ________ when the income elasticity of demand is less than zero
A) substitutes B) complements C) inferior D) elastic E) normal
Fighting alongside the British in the Revolution, the ___________ lost much of their land and position in America after the War
a. Iroquois b. French c. Mexicans d. Sioux
A market economy answers the question "what" goods will be produced by focusing on a. dollar votes
b. least-cost method of production. c. who can afford these goods. d. none of the above
Expansionary fiscal policy:
What will be an ideal response?