The price elasticity of demand for insulin by diabetic patients is much smaller than the price elasticity of demand for leather shoes. This is an example of how the price elasticity of demand:
A. rises the less specifically the good is defined.
B. falls the more a good is a necessity.
C. rises the more a good is a necessity.
D. falls the less specifically the good is defined.
Answer: B
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Interlocking directorates were expressly forbidden under the
A. Sherman Act. B. Clayton Act. C. both the Sherman and Clayton Acts. D. neither the Sherman Act nor the Clayton Act.
Which of the following countries are lacking an abundance of natural resources?
Political instability is an impediment to development mainly because it:
A. undermines both domestic and foreign investment in a developing country. B. creates cultural and social differences among groups in developing countries. C. produces excessive levels of domestic saving. D. redistributes income.