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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

Economics

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

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 Option A is incorrect because necessary products whose demand cannot be decreased even if price rises have inelastic demand.

If the time allowed for adjustment is very short, demand woud be inelastic because consumer have to stuck to only one good.

Option C is correct because goods having elastic demand are luxury goods whose price is much more in relative to income of consumer.

Option D is incorrect because a good with few substitute have inelastic demand.

12) Production possibility frontier shows us the maximum amount of two goods an economy can produce given the technology, labor and raw material.

Option A is correct.

#) Capital goods are those goods which help in production of other good.

Option A is incorrect because computers used by children is for entertainment purposes not for production process.

Option B is incorrect because generation of funding is not production process.

Option C is incorrect because share of a stock in corporation is investment rather than capital

Option D is correct because camera for camerman helps her in making money out of it.

#) Microeconomics study with an individual firm in the market while macroeconomics deals with the economy as a whole.

National debt, total value of goods and services of the whole economy and unempoyment rate is an example of macroeconomics while profit of general motors talks about microeconomics.

2) Normative economics talks about how economy should be or opinion of individual people for their own profit while positive economics is factual based statement.

Option A is incorrect as it is a fact.

Option B is correct as it is a opinion of someone.

Option C incorrect even though it is a opinion but in the benefit of nation.

Option D is incorrect because it is a fact observed from past trend.

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