Relative growth rates of the standard of living in the United States and Europe indicate that workers in ________ have chosen to "spend" ________ of their higher productivity on leisure rather than on consumption of market goods and services
A) Europe, a significant part
B) the United States, a significant part
C) Europe, almost none
D) the United States, almost all
A
Economics
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If the absolute value of the price elasticity of demand for a product is greater than 1, then
A) quantity demanded is not very sensitive to price changes. B) demand is elastic. C) demand is unit-elastic. D) demand is inelastic.
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