If the absolute price elasticity of demand for a product is greater than 1, then
A) consumers are relatively insensitive to price changes.
B) consumers are relatively sensitive to price changes.
C) there is a positive relationship between price changes and total revenue.
D) producers are relatively insensitive to price changes.
B
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A decrease in the demand for beef because of concerns over cholesterol results in
A) lower beef prices. B) higher beef prices. C) an increase in the supply of beef. D) an offsetting increase in the demand for beef if the price of beef falls.
In the national income accounts, the symbol G represents the
a. government production of goods and services. b. volume of goods and services purchased by the federal government. c. value of goods and services purchased by the federal government. d. value of goods and services purchased by all levels of government.