Which of the following statements is true?
a. b and d.
b. Total revenue is maximized when elasticity is one.
c. Goods are said to be price inelastic when the elasticity is greater than two.
d. Demand for milk is more elastic than demand for football tickets.
e. Demand for 5-cent candy is more elastic than demand for sweaters.
b
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The American Federation of Labor
a. was an amalgamation of two labor organizations. b. had over 1 million members by 1905. c. sought to control job opportunities and conditions within each craft. d. allied with the National Civic Federation in attempt to create a more favorable public image. e. All of the above.
For purposes of analyzing the money stock and its relationship to relevant economic variables, money is best thought of as
a. those items that can be readily accessed and used to buy goods and services. b. currency only. c. currency plus all bank accounts. d. currency plus all bank accounts plus bonds.
Explain the money multiplier and give two examples showing how much money could be generated from a single deposit. For each example, be sure to include the initial deposit amount, the reserve requirement ratio, the excess reserve amount, the money multiplier, and the potential total amount of money generated, rounding to the nearest tenth at each step.
What will be an ideal response?
GDP per capita means
A. gross domestic product per employee. B. gross domestic product per person. C. gross domestic product per dollar in revenue. D. gross domestic product per business.