Consumer Goods

question 69

Multiple Choice

Consumer goods:

• A) Account for over two-thirds of total U.S.output.
• B) Include nondurable goods but not durable goods.
• C) Account for a smaller portion of GDP than government services.
• D) Include durable and nondurable goods but not services.

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Definitions:

Unit-elastic

Unit-elastic refers to a situation in which the percentage change in quantity demanded or supplied is equal to the percentage change in price.

Elasticity

A measure of how much the quantity demanded or supplied of a good changes in response to a change in price.

Elasticity

A measure of the responsiveness of demand or supply to changes in price, income, or other economic factors.

Resource Demand

The total amount of resources (such as labor, capital, and materials) that producers require to produce goods and services at various price levels.