Which of the following goods is likely to have the least elastic demand over the relevant range of prices?
a. insulin
b. eggs
c. milk
d. Pepsi Cola
e. gasoline
A
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Which of the following pairs of goods are likely to be considered complements?
A) Pens and writing pads B) Laptops and electric heaters C) Motorcycles and typewriters D) Nokia and Samsung cell phones
Consider a wine maker who has put her wine in bottles. The question is whether to store the wine for a marginal cost of $1 per year or to sell the wine today at a price of $10
If the interest rate is 6%, how much must the price of the wine increase in the next year to justify storing it? A) $1.66 B) $1.27 C) $0.72 D) $0.45
Which of the following is true of the United States?
a. It has been and continues to be a net capital exporter. b. It is today the world's largest debtor nation. c. It was, until the last decade, a net capital importer. d. It has historically been a debtor nation. e. It is the world's largest creditor nation.
When a person drives an automobile, that individual is creating
A. private costs only because the individual pays for the insurance, gas etc. B. internal costs only. C. external costs only. D. social costs.