A good synonym for elasticity would be:
A. change.
B. demand.
C. responsiveness.
D. stickiness.
Answer: C
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A weaker peso, relative to the US dollar, causes the demand for US exports to ______ and the demand of Mexican imports to______
a. Increase; Decrease b. Decrease; Increase c. Increase; Increase d. Decrease; Decrease
A professional baseball game is
a. rival and exclusive, and therefore is a public good b. rival and exclusive, and therefore is a private good c. exclusive, but since it is nonrival, it is a public good d. nonrival and nonexclusive, and therefore is a public good e. nonrival and nonexclusive, and therefore is a private good
Rent seeking
A) is unlikely the more heavily engaged government planners are with the economy. B) is more likely where institutions are strong. C) is not likely to lead to waste and efficiency. D) is more likely when government policy creates something of value that government officials are charged with distributing.
If the short run elasticity of demand for widgets is 0.7 and the long run elasticity of demand for widgets is 1.5, a decrease in price will ____ total revenue in the short run and ____ total revenue in the long run. a. Increase; increase
b. Increase; decrease. c. Decrease; increase. d. Decrease; decrease.