1)if the percentage change in the price of a good Is more than the percentage change in the quantity demanded of that good, then

Select one:

a.The demand for that good Is perfectly inelastic.

b.The demand for that good is inelastic.

c.The demand for that good is unit elastic.

d.The demand for that good is elastic.

2)When economists describe preferences, they often use

Select one:

a.Utility

b.Satisfaction

c.Benefit

d.All the listed answers

3)Jack paid $20,000 a year for an administrative assistant and $4,000 a month for rent office space. His earnings for the year totaled $100,000. Last year Jack explicit costs were

Select one:

a.$68,000

b.$124,000

c.$24,000

d.$76,000

4)if the Demand curve for chemotherapy Is vertical for people with cancer, then the demand is

Select one:

a.Unit elastic

b.Perfectly elastic

c.Inelastic

d.Perfectly inelastic

5)If the cross elasticity of demand between two goods [8 positive, then these goods are

Select one:

a.Substitute goods

b.Normal goods

c.Inferior goods

d.Complementary good