Lipitor, a heart medication with few substitutes, should have an own-price elasticity of demand that is:
a. Relative elastic
b. Relatively inelastic
c. Perfectly inelastic
d. Perfectly elastic
b
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What is a major reason international trade is restricted?
A) rent seeking B) to allow competition with cheap foreign labor C) to save jobs D) to prevent dumping E) to eliminate monopolies
According to the Keynesian view of macroeconomics, what should be the role of the government as far as economic policy?
Select one: a. The government should keep the growth rate of the money supply stable. b. The government should maintain a fixed interest rate. c. The government should try to raise the AS curve. d. The government should try to stabilize the AD curve.
The fact that roughly 70 percent of Americans are overweight speaks to the argument of behavioral economists that people lack complete ______.
a. appreciation for the present b. belief in traditional economics c. control over themselves d. knowledge of the market
The government increases it purchases. The steeper the short-run aggregate supply curve, the ... will be the increase in the price level and the ... will be the increase in real GDP
What will be an ideal response?