Homework answers / question archive / The demand for a product tends to be more elastic if: the product is a necessity the time allowed for adjustment to a price change is very short Bonne réponse the price of the product is large relative to income

The demand for a product tends to be more elastic if: the product is a necessity the time allowed for adjustment to a price change is very short Bonne réponse the price of the product is large relative to income

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The demand for a product tends to be more elastic if: the product is a necessity the time allowed for adjustment to a price change is very short Bonne réponse the price of the product is large relative to income. Vous avez répondu @there are very few good substitutes for the product.
Question 12 A production possibilities frontier is drawn assuming all of the following except: Bonne réponse resources are interchangeable in production. Vous avez répondu the technology used in production is constant. the amount of resources is fixed. available resources are fully employed.
Which of the following is an example of capital as a factor of production? Personal computers used by teenagers to do homework and keep in touch with friends A person that provides funding for a new business venture Vous avez répondu Shares of stock in a corporation Bonne réponse Camera equipment used by a photographer employed by a magazine
Which of the following is most likely to be associated with the study of microeconomics? The federal national debt exceeds 522 billion Bonne réponse General Motors' profits increased in 2012 by more than expected Vous avez répondu The total market value of all final goods and services produced in the U.S. in 1994 was $6,738 billion The U.S. unemployment rate in April was over 14 percent
Question 2 Which of the following is a normative microeconomic statement? Market equilibrium occurs when quantity demanded equals quantity supplied Bonne réponse Dallas should lower the taxes paid by homeowners whose property value is less than $100,000 Vous avez répondu The Federal Reserve should raise interest rates when the country experiences inflation. U.S. gross domestic product has historically increased after adjusting for inflation