Under market capitalism, resources are allocated primarily through
a. government decree
b. voter consensus
c. tradition
d. lottery
e. prices
E
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Price elasticity of demand is defined as the ratio of the:
a. percentage increase in price to an increase in quantity demanded. b. unit change in quantity demanded to the dollar change in price. c. maximum amount that consumers will pay to increase quantity. d. percentage change in quantity demanded to the percentage change in price, other things being equal.
As all available statistics show us, because the average annual population growth is 1.4 percent higher in developing countries than in industrial nations, economic growth is lower in low-income countries
a. True b. False Indicate whether the statement is true or false
The establishment of Silicon Valley in California is a contemporary example of _______; one that many have unsuccessfully tried to
Fill in the blank(s) with the appropriate word(s).
When the price of TVs goes up and fewer TVs are purchased, this is representative of the
A. law of market operations. B. law of demand. C. law of supply. D. law of increasing costs.