In calculating price elasticity of demand, which of the following is assumed to be constant?
a. the price of the product itself
b. the quantity demanded of the product
c. total revenue received from the sale of the product
d. the prices of all other products
e. none of the above
D
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All of the following are reasons for immigration to a foreign country, except that:
a. the domestic country may be politically repressive. b. there is an abundance of employment opportunities in the domestic country. c. the domestic country is economically stagnant. d. there is no scope for upward mobility in the domestic country. e. there are religious prosecutions.
A recent decline in interest rates made home construction more affordable for many families. The consequent increase in construction produced a rightward shift in the demand curves for construction materials. Economists would say that the change in demand for materials is due to
A. the principle of marginal productivity. B. rent seeking. C. diminishing marginal returns. D. derived demand.