Price elasticity of demand measures the
a. change in quantity demanded generated by a change in price
b. change in price generated by a change in quantity demanded
c. percentage change in the price of a good demanded generated by a percentage change in people's income
d. percentage change in quantity demanded generated by a percentage change in price
e. percentage change in price generated by a percentage change in quantity demanded
D
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What characterized the 1950–1962 economy (from the Korean War to the last year of John F. Kennedy's presidency)?
(a) Significant inflation (b) Deflation (c) High unemployment (d) Falling prices and wages
Suppose you lend $2,500 at 11.5% for 3 years. If the interest is compounded annually, how much interest will you receive in those 3 years?
A. $862.50 B. $965.49 C. $3,362.50 D. $2,465.49