The Elasticity of Demand for Gasoline Has Been Estimated to Be

question 59

Multiple Choice

The elasticity of demand for gasoline has been estimated to be 2.0, and the standard error is 1.0.The upper and lower bounds on the 95 percent confidence interval for the elasticity of demand for gasoline are

• A)3 and 2.
• B)2 and 1.
• C)3 and 1.
• D)none of the statements associated with this question are correct.

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Definitions:

External Locus of Control

The belief that one’s outcomes or fate are determined by external forces or luck rather than one’s own actions.

Mental and Physical Health

The overall condition or well-being of one’s mind and body, encompassing emotional, psychological, and physical aspects.

Exerting Effort

The act of applying physical or mental energy towards achieving a specific goal or task.

Rotter

Julian B. Rotter, a psychologist known for developing social learning theory and the concept of locus of control.