Two Economists from Ohio University Estimated That the Demand Curve

question 113

Multiple Choice

Two economists from Ohio University estimated that the demand curve for kerosene in Indonesia was such that a 10 percent increase in the price reduced the quantity demanded by 2.2 percent and that a 10 percent increase in the price of electricity increased the demand for kerosene by 1.6 percent.This indicates that (i) the demand for kerosene is price inelastic and (ii) kerosene and electricity are substitutes.Which of these two statements is correct?

• A)i and ii
• B)i not ii
• C)ii not i
• D)neither i nor ii

Understand the role of community psychology in enhancing the quality of life at individual, community, and societal levels.

Differentiate between the values, approaches, and characteristics unique to community psychology.

Recognize the role of community psychology in social justice and activism.

Appreciate the importance of research methodologies, including action research, in tackling social problems.

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Definitions:

Skills Approach

A perspective on leadership that emphasizes the importance of acquiring and developing specific skills and abilities for effective leadership.

General Cognitive Ability

The overall mental capacity of an individual, including the ability to reason, plan, solve problems, think abstractly, comprehend complex ideas, learn quickly, and learn from experience.

Knowledge

Facts, information, and skills acquired through experience or education.

Information Processing

The methods by which individuals or systems gather, analyze, and interpret data to make decisions or understand the world.