What situation would make the demand for new cars relatively more price elastic?
a. Auto manufacturers have a difficult time hiring skilled workers.
b. Auto manufacturers find it easy to hire skilled workers.
c. Car buyers are prosperous, and they are seeking luxury cars.
d. There is a plentiful supply of used cars.
Ans: d. There is a plentiful supply of used cars.
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In 2011, the poverty rate in the United States was 15 percent. This means that 15 percent
a. of the population had a total family income that fell below the poverty line. b. of the population had a total family income that was above the poverty line. c. of the population had a total family income below $10,000. d. of the population had a total family income above $50,000.
If the market for shoe stores is taking a large economic loss, which of the following would most likely be a direct consequence?
a. Various shoes stores will enter the market. b. Various shoe stores will leave the market. c. Various jewelry stores will enter the market. d. Various jewelry stores will leave the market.