Elasticity
a. deals with percentage changes in price and quantity demanded.
b. employs percentage changes calculated in terms of average values of the prices and quantities at issue.
c. is generally stated in absolute value.
d. All of the above are correct.
d
Economics
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Which of the following is an example of an activity that creates an external cost?
i. a smoker emitting second-hand smoke ii. sulfur emitting from a smoke stack iii. throwing garbage on the roadside A) i only B) i and ii C) iii only D) ii and iii E) i, ii, and iii
Economics
Fiscal policy cannot help an economy produce at an output level above potential GDP without causing __________.
a. inflation b. deflation c. unemployment d. taxation
Economics