Which of the following commodities has a high income elasticity of demand?1.A commodity that has substitutes2.A commodity that has no substitutes3.A commodity on which a high fraction of income is spent4.A commodity which is necessary

1 .Which of the following best describes a “supply-side” approach to economic recovery?

A Low tax rates, limited government spending, de-regulation B Increased government spending, low tax rates, support of depressed industries C Increase in public works projects, temporary budget deficits, low tax rates D Increased regulation, support of depressed industries, increase in public works ...

题型: 单选题 提问时间: 2021-08-22

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2 .Which of the following statements about price elasticity are correct?(1) It is defined as the % change in price divided by the % change in demand(2) An item which has an elasticity greater than one is price sensitive(3)An item which has an elasticity of less than one is said to be inelastic(4)If demand for an item is inelastic and its price falls, total revenue will decrease

A 1 and 2 B 2 and 4 C 1 and 3 D 3 and 4

题型: 单选题 提问时间: 2021-08-22

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4 .Which of the following is micro-economics NOT concerned with?

A Consumers B Firms C Aggregate demand D Industries

题型: 单选题 提问时间: 2021-08-22

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5 .Which of the following most strongly relates to an imperfect market?

A Many sellers, many buyers, no barriers to entry B Monopoly, oligopoly control C Many sellers, many buyers, imperfect information D Selling price set by market, no barriers to entry

题型: 单选题 提问时间: 2021-08-22

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