Price elasticity of demand is defined as
A) the change in price divided by the change in quantity demanded.
B) the change in quantity demanded divided by the change in price.
C) the percentage change in price divided by the percentage change in quantity demanded.
D) the percentage change in quantity demanded divided by the percentage change in price.
E) the quantity demanded divided by the price.
D
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Which of the following has been one of the most productive sectors of the U.S. economy through the 19th, 20th and 21st centuries?
A. Textiles B. Steamships C. Steel D. Agriculture
An increase in the number of buyers in a particular market for a good will result in a ___________________ for that good
A) movement up along the demand curve B) movement down along the demand curve C) leftward shift in the demand curve D) rightward shift in the demand curve
Which of the following describes a moral hazard problem?
A. a contractual problem that results because monopolies exist in all economies B. a post-contractual problem that may result because participants to the exchange process have information that allows them to act in an opportunistic manner C. a process by which individuals have substantial resources devoted to the exchange process and need to make a profit or they will be adversely affected D. a process by which individual buyers or sellers with better information are more likely to participate in voluntary exchange
Credit cards, debit cards, and e-checks are
A) always counted as money. B) not money. C) sometimes counted as money, depending on how they are used. D) sometimes counted as money, depending on what is purchased. E) sometimes counted as money, depending on what measure of money is being used.