Tag: Economics – Others

A good with no close substitutes is predicted to have relatively elastic or inelastic demand, since consumers cannot easily switch to a substitute good if the price of the good were to Increase?

Regarding minority populations in the U.S., they are expected:
To rise, then fall
To rise, but remain less than 50 percent of the population.
To rise
To gradually decrease
which one is correct

Similarities in decision making between the private and public sectors include all of the following exceptA. similarities in individuals working in each sector.B. competitionC. use of forco.

QUESTION 5The decisions of firms and households are guided by prices and self-interest in aa. command economy.b. centrally-planned economy.c. market economy.d. All of the above are correct.

Suppose that we have a large increase in the demand for new homes at the same time there is a large decrease in the number of trees available to produce the appropriate lumber. We would expect

Which political party has been known more for its advancement of civil liberties issues and expansion of social welfare programs?
Democratic Party
Libertarian Party
Republican Party
no single party

Match each of the options above to the items below.Any physical products offered by a business.The end result if a business’s expenses exceed the amount of money it earns during a given period.

no-haggling dealer presents the price of a new car to be accepted or rejected as stated and is called a(n)dealer.
Multiple Choice
invoice price
sticker price
set price
residual value
capitalized cost

Recently the us experienced an annual of trade representing a 1.
Large surplus (exceeding 100$ million)
Small surplus
Small deficit (less than $1 billion)
Large deficit (more than $10 billion)

National Income: How It Is Earned – Questions for ReviewA Cobb-Douglas production function has the form F(K,L)=AKαLI-α. If capital earns one fourth of all income, what willbe the value of α ?