Under laissez faire, the force that drives the economy toward an efficient outcome is
a. central planning.
b. majority voting.
c. the pursuit of self-interest.
d. altruism.
c
Economics
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Price elasticity of demand refers to the:
a. percentage increase in price in response to a percentage increase in quantity demanded. b. percentage decrease in price in response to a percentage increase in income. c. minimum amount that consumers will pay for a percentage change in quantity demanded or supplied. d. responsiveness of quantity demanded to a change in the price of a good.
Economics
The income of the town of Kennebunkport has been growing by 2 percent per year. If this growth continues into the future, how long will it take until the town's income has doubled?
a. About 36 years b. About 24 years c. About 96 years d. About 50 years e. About 144 years
Economics