Demand Will Be More Inelastic When

question 156

Multiple Choice

Demand will be more inelastic when

• A) the time the consumer has to adjust to price changes is short.
• B) the price of the good is high.
• C) the number of good substitutes is large.
• D) the consumption of the good is not very essential.

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Definitions:

Current Account Deficits

A situation where a country spends more on foreign trade than it is earning and borrows capital from foreign sources to make up the difference.

International Gold Standard

A monetary system where the value of a country's currency or paper money was directly linked to gold.

Dollar Value

This refers to the worth or purchasing power of the U.S. dollar, often used in comparison to other currencies.

Assets

Resources owned or controlled by a person or entity that are expected to produce value or economic benefit in the future.