For a good that is a luxury, demand
a. tends to be inelastic.
b. tends to be elastic.
c. has unit elasticity.
d. cannot be represented by a demand curve in the usual way.
b
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February 2010, the price of gasoline in the Florida was $2.629 per gallon and the CPI was 202.4 with a base period of 1982 to 1984. What was the real price of gasoline per gallon in base period dollars?
A) $1.00 per gallon B) $5.32 per gallon C) $1.29 per gallon D) $1.809 per gallon E) $2.629 per gallon
A person who has not worked in six months and has given up looking for work is officially classified as
A. employed. B. unemployed. C. discouraged. D. in the labor force.
An improvement in school quality translates into an increase in which model parameter?
A) H B) z C) b D) 1-u
According to economist Paul Romer, economies that wish to experience growth must
A) invest most of their savings in national defense. B) invest in knowledge. C) drastically lower their standards of living. D) become command economies.