Which of the following is not a determinant of a good's price elasticity of demand?
A) the slope of the demand curve
B) whether the good is a luxury or a necessity
C) the share of the good in the consumer's total budget
D) the passage of time
Question 2
Which of the following statements about the economic decisions consumers, firms, and the government have to make is false?
A) Each faces the problem of scarcity which necessitates trade-offs in making economic decisions.
B) Both firms and individuals face scarcity.
C) Only individuals face scarcity; firms and the government do not.
D) Governments face the problem of scarcity in making economic decisions.
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