Italy has a comparative advantage in which product?
shoes
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The cross price elasticity of demand is defined as
A) the percentage change in the supply for one good (a shift in the supply curve) divided by the percentage change in price of a related good. B) the percentage change in demand for two different commodities. C) the percentage change in the demand for one good (a shift in the demand curve) divided by the percentage change in price of a related good. D) the percentage change in price for two different commodities.
Bobby makes a New Year's resolution to lose weight. On January 3rd, he decides to go to Ben amp; Jerry's for ice cream instead of going to the gym. Using the concept of revealed preference, economists would most likely conclude that Bobby:
A. is not a rational individual. B. actually gains more utility from ice cream than working out. C. has changed his preferences. D. has no choice over the actions he takes.
A perfectly inelastic demand curve is represented by an upward-sloping straight line
a. True b. False Indicate whether the statement is true or false
Bank deposit creation is limited by
A. reserve requirements. B. the interest rate. C. whether a bank is nationally or state chartered. D. whether a bank is in a large city or rural area.