Economics Questions
Explore questions in the Economics category that you can ask Spark.E!
The more a good or service is considered to be a "luxury" rather than a "necessity", the more ________ the price elasticity of demand.
when calculating the price elasticity of demand, the % change in quantity demanded is calculated as
how will the price elasticity of demand for a good that is considered to be a luxury compare to one that is a necessity?
Based on the accompanying labor-market diagram, if the minimum wage is increased from $12 to $14 per hour, the number of unemployed workers will _______ by ______ workers.
Based on the accompanying labor-market diagram, if the minimum wage is increased from $7 to $9 per hour, the number of unemployed workers will _______ by __ workers.
Lisa lost her job when the typewriter factory shut down 9 years ago and has been unemployed ever since. Lisa would be considered __________ unemployed
Shannon is a highly skilled software engineer who recently left her job because she wanted to move closer to her family. She has been searching for a job for two weeks and has had three offers she is considering but has not yet accepted. Shannon would be considered ________ unemployed.
Jack is a server at a restaurant in New Orleans. When businesses shut down due to Covid-19, the restaurant he worked for was unable to operate and ended up shutting down for good, and Jack became unemployed. Jack would be considered _________ unemployed
if two goods are substitutes, an increase in the price of one will do what to the demand for the other good?
Evian water and Dasani water are ______ goods.
the relationship between price and quantity is demanded is exemplified by
What is the term for the total amount the seller receives from the sale of a product in a particular time period?
which type of elasticity shows how responsive demand is to change in earnings?
If the quantity supplied by producers is relatively responsive to price changes, supply is relatively price ______
when calculating the price elasticity of demand, the % change in quantity ______ is calculated as (change in quality/
Who experiences gains from trade in an exporting market?
Who experiences gains from trade in an importing market?
The vertical distance between points A and B represents the tax in the market. the amount of the tax per unit is (Just memorize the answer)
what does a negative externality chart look like?
a price ceiling at $4 causes a (just memorize answer)