The price elasticity of demand for heart transplants is perfectly inelastic. Thus, the price elasticity demand for heart transplants is
A. 1.0.
B. 0.0.
C. -1.0.
D. -100.0.
Answer: B
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When a government has decided on a permanent spending increase, a valid reason to increase borrowing rather than taxes might be to ________
A) to avoid an unnecessary stimulus to aggregate demand B) to shift the burden from domestic taxpayers to foreign bond holders C) to avoid distortions that might reduce long-run aggregate supply D) to avoid an increase in income inequality
Price elasticity of supply is represented as ____________________.
a. monetary currency b. a percentage c. a fraction d. a ratio
Measured as a share of the economy, the size of the trade sector (exports plus imports) of the United States has
a. been increasing since 1980, but it declined during 1960-1980. b. been relatively constant during the last four decades. c. increased by about 10 percent during the last four decades. d. approximately doubled since 1980 and tripled since 1960.
What effect do international norms have on states?
a. They ensure that states follow strict regulations. b. They motivate states to behave in certain ways. c. They have little influence since states increasingly ignore them. d. They outweigh the power and self-interest of states.