Refer to the accompanying table below. The average cost of 5 units of activity is:Units of ActivityTotal CostTotal Benefit0$0$01$2$122$6$223$12$304$20$365$30$406$42$427$56$43
A. $4
B. $6
C. $10
D. $8
Answer: B
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What does intra-industry trade create for the consumer?
a. greater variety of goods and lower costs b. greater variety of goods and higher costs c. lower variety of goods and lower costs d. lower variety of goods and higher costs
If the percentage change in the quantity demanded of a good is less than the percentage change in price, price elasticity of demand is:
a. inelastic. b. elastic. c. unitary elastic. d. perfectly inelastic.
What is one reason why it is can be easier for developing nations have greater economic growth than developed nations?
a. They usually have lower population growth, so their GDP per capita is higher. b. They tend to have higher rates of education than more developed nations. c. They typically enjoy better protection of property rights by their governments than developed nations. d. They can adopt technology already developed by more advanced countries.
An increase in the price level will _____
Fill in the blank(s) with the appropriate word(s).