For which of the following is demand likely to be most price-elastic?
a. steak
b. beef (including steak, ribs, hamburger, etc.)
c. meat (including beef, pork, chicken, lamb, etc.)
d. protein foods (including meat, cheese, beans, eggs, fish, etc.)
e. none of the above (they will all have the same elasticity)
A
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In the United States, the dramatic increase in government social spending since the mid-1960s has
a. made incomes less equally distributed b. made incomes equally distributed c. not greatly increased the money income share of the poorest fraction of the population d. greatly increased the money income share of the richest fraction of the population e. decreased the percentage of families in the lowest fifth
Greater economic efficiency often leads to greater economic inequality
a. True b. False Indicate whether the statement is true or false