No matter what the price of orange juice is , Jill spends $20 a week on orange juice. We can conclude that the absolute value of the price elasticity of demand for orange juice for Jill is
A) greater than 1.
B) equal to 1.
C) less than 1.
D) equal to 0.
Answer: B
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If the people of a country are expecting an increase in the rate of economic growth, they will increase their rate of saving
a. True b. False Indicate whether the statement is true or false
Voluntary restraint agreements:
A. are prohibited by NAFTA. B. hurt consumers in both the short run and the long run. C. hurt workers in both the short run and the long run. D. do not affect imports in both the short run and the long run.
The argument that trade in high-tech equipment can facilitate the implementation of advanced military technology in countries that may become strategic opponents later on is the
A) national security argument. B) infant industry argument. C) protecting domestic jobs argument. D) environmental and safety argument.
A fixed resource is one that
A) is physically tied to a specific location. B) costs more than the average daily revenue of the firm. C) cannot be varied in the short run. D) can be disposed of only if the firm goes out of business.