The price elasticity of demand measures which of the following?
A) the slope of the demand curve
B) the rate at which demand changes when price changes
C) how responsive the quantity demanded is to changes in price
D) the percentage-slope of the demand curve
E) None of these correctly defines what price elasticity of demand measures.
C
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The working-age population consists of all the people in the population
A) aged 16 and over. B) aged 16 to 65. C) aged 16 and over who are not in jail, hospital, or an institution or in the U.S. Armed Forces. D) aged 21 and over who are not in jail, hospital, or an institution or in the U.S. Armed Forces. E) who are employed plus the unemployed people.
Aggregate private spending is unstable according to policy activists, primarily because
A) consumer non-durable spending is volatile. B) private residential and non-residential investment is volatile. C) government spending is volatile. D) the money supply is unstable.
According to the equation of exchange, the money supply times the velocity of money equals the
A) price level. B) growth rate of the money supply. C) real GDP. D) nominal GDP.
The environmental approach found in the Clean Air Act of 1990 is:
a. marketable pollution permits. b. price caps. c. command-and-control regulation. d. a thousand points of light.