The demand for gasoline is more elastic in the long run than in the short run because
a. other prices are more likely to change in the long run.
b. incomes tend to rise over time.
c. people can buy new cars in the long run.
d. cars have become more expensive over time.
QUESTION 2Ways to game the budgeting process include
a. delaying sales if just short of a target
b. delaying expenses if just short of a target
c. accelerating sales once a target is met
d. delaying expenses costs once a target is met
QUESTION 3Pharmaceutical companies receive patents as an exclusive right to produce a drug. This results in
a. normal profits on the patented drug.
b. monopoly status in the production of the drug.
c. lower prices for patients requiring the drug.
d. orphan drug status.
e. fewer new chemical compounds discovered.
QUESTION 4A decrease in demand is represented by
a. a shift outward of the entire demand curve.
b. a shift inward of the entire demand curve.
c. a movement along the demand curve in a southeasterly direction.
d. a movement along the demand curve in a northwesterly direction.
QUESTION 5Ways to game the budgeting process include
a. accelerating sales if just short of a target
b. accelerating expenses if just short of a target
c. accelerating sales once a target is met
d. delaying expenses costs once a target is met
QUESTION 6Of the new drugs introduced in the United States between 1940 and 1990, what percentage were discovered by U.S. firms?
a. 15.
b. 30.
c. 45.
d. 60
e. 75
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