Is demand more elastic in the short run or the long run? Why?
What will be an ideal response?
Demand is generally more elastic in the long run. In the long run, people have time to make adjustments to changes in price and find alternative products.
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The evidence indicates that during the 1770s, the American colonists were
(a) among the most heavily taxed people in the European world. (b) among the most lightly taxed people in the European world. (c) taxed at a rate that was similar to other people in the European world. (d) taxed at rates that can't be compared to other rates due to lack of data.
Most of the loanable funds available to the World Bank to lend to developing nations come from
A) the sale of oil. B) developing nations. C) the world's wealthiest nations. D) the sale of international bonds that are issued by the World Bank.