When the absolute price elasticity of demand equals 0.67, demand is
A) elastic.
B) unit-elastic.
C) inelastic.
D) undetermined without more information.
C
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What is economic value of an exchange?
A production possibilities curve depicts
a. combinations of resources the economy has the capacity to produce b. prices that can be charged for capital and consumption goods c. combinations of prices and outputs that can be produced d. combinations of goods the economy has the capacity to produce e. combinations of resources and prices that the economy can produce
Which of the following is true about the Bitcoin:
a. Bitcoin transactions are anonymous, irreversible, and practically impossible to trace. b. Bitcoin transactions are cleared through clearing houses, such as Mt. Gox. c. Bitcoin has a fixed exchange rate relative to the U.S. dollar and other currencies. d. A Bitcoin can be purchased and sold via foreign exchange dealers, just like the dollar or euro. e. Bitcoin transactions are highly visible and, therefore, taxable events.
The number of U.S. workers in unions today is:
A. about 13%of all wage and salary workers. B. roughly equivalent to what it was in the 1950s. C. just under 15 million Americans. D. not something we can estimate due to the lack of information on all people in the labor market.