Based on what you know about the determinants of price elasticiyt, the demands for agricultural products, like, wheat, soybeans, milk, and eggs tend to be
a. price inelastic
b. price elastic
c. price inelastic only in the long run
d. price elastic only in the short run
e. price elastic only in the long run
A
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Rank the following goods from least to most elastic: high octane unleaded gasoline, unleaded gasoline, gasoline
A) High octane unleaded gasoline, unleaded gasoline, gasoline B) High octane unleaded gasoline, gasoline, unleaded gasoline C) Unleaded gasoline, high octane unleaded gasoline, gasoline D) Gasoline, unleaded gasoline, high octane unleaded gasoline E) None of the above.
In which case can we be sure real GDP rises in the short run?
a. government purchases increase and taxes rise. b. government purchases increase and taxes fall. c. government purchases decrease and taxes rise. d. government purchases decrease and taxes fall.