If the price of orange juice rises 10%, and as a result the quantity demanded falls by 10%, then one can conclude that the demand for orange juice
A) is perfectly elastic.
B) is inelastic.
C) has a unitary elasticity.
D) has a constant elasticity.
C
Economics
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A(n) ________ is an example of a quota where foreigners hold quota licenses
A) voluntary export restraint B) embargo C) auction quota D) All of the above
Economics
If the intertemporal substitution hypothesis is correct, then
A. the unemployment rate is always artificially high. B. discouraged workers will not exist. C. discouraged workers should be included in the unemployed population because they actually want a job at the going wage. D. discouraged workers should not be included in the unemployed population because they are optimally choosing more leisure during a time of low wages. E. the unemployment rate is always artificially low.
Economics