We would expect the demand for jeans to be:
A. the same as the demand for clothing.
B. more elastic than the demand for clothing.
C. less elastic than the demand for clothing.
D. neither more elastic, less elastic, nor the same elasticity as that of the demand for clothing.
Answer: B
You might also like to view...
Property taxes are not very popular. People might dislike other taxes just as much, but feel powerless to change them. If the assessed value of the property does not rise or, in fact, declines, then this should be followed by decreases in tax rates. This, however, is not welcomed by property owners, either. Why?
What will be an ideal response?
Suppose you only consume food and clothing, and clothing is plotted on the vertical axis. Also, you purchase food at a fixed price (PF), but the price of clothing declines as you buy in larger quantities (i.e., quantity discounts)
What does the budget line look like in this case? A) The budget line is a straight line B) The budget line is now concave to (bows out from) the origin C) The budget line is now convex to (bows in toward) the origin D) The budget line will not be a straight line, but it may be concave or convex
An essential point, among many, in the refutation of the "cheap foreign labor" argument is that
a. foreign workers have a lower standard of living. b. foreign workers are less productive. c. low foreign wages mean fewer exports for the United States. d. the United States does not benefit from cheap foreign labor so the goods should be kept out.
Figure 17-13 In , if the world price of a baseball is $3 and a tariff of $1 per baseball is imposed in the United States, how many baseballs will the United States import?
a.
4,000
b.
6,000
c.
8,000
d.
10,000
e.
12,000