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NEW QUESTION: 1
If the long-run elasticity of demand for residential electricity is unitary, the short-run demand is likely to be ______.
A. about the same as the long-run elasticity
B. elastic
C. inelastic
Answer: C
Explanation:
In the long-run, price elasticity for a good tends to increase. This is because over time, consumers are able to discover substitutes for the good and thus switch their consumption elsewhere under a price increase. If in the long run, the price elasticity for electricity is unitary, it is likely that the price elasticity in the short run was inelastic.
NEW QUESTION: 2
A(n) _______ is a numerical descriptive measure of a population, usually unknown.
A. parameter
B. statistic
C. point estimator
Answer: A
NEW QUESTION: 3
The concept of Due Care states that senior organizational management
must ensure that:
A. The cost of implementing safeguards is greater than the potential resultant losses resulting from information security breaches.
B. Other management personnel are delegated the responsibility for information system security.
C. Certain requirements must be fulfilled in carrying out their responsibilities to the organization.
D. All risks to an information system are eliminated.
Answer: C
Explanation:
* Answer "All risks to an information system are eliminated" is incorrect because all risks to information systems cannot be eliminated
* answer "Other management personnel are delegated the responsibility for information system security" is incorrect because senior management cannot delegate its responsibility for information system security under due care
* answer "The cost of implementing safeguards is greater than the potential resultant losses resulting from information security breaches" is incorrect because the cost of implementing safeguards should be less than or equal to the potential resulting losses relative to the exercise of due care.
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