When the elasticity coefficient for resource demand is greater than one, resource demand is:
A. inelastic.
B. elastic.
C. unit-elastic.
D. perfectly inelastic.
Answer: B
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Adriana wants to try working as an independent contractor this summer. She has a 50 percent chance that she will make $9,000 and 50 percent chance that she will make nothing. Her utility of wealth curve is shown in the figure above
What's Adriana's cost of risk? A) $2,500 B) $2,000 C) zero D) $40
When profits and costs occur in the future, the ________ the profit occurs and the ________ the cost occurs, the ________ likely the net present value will be ________.
A) later; sooner; more; positive B) sooner; later; more; positive C) sooner; later; less; positive D) sooner; later; more; negative
The infant industry argument suggests that
A) a country requires tariff protection when it has no comparative advantage in the production of any good. B) a country requires protection against unfair trade practices. C) an industry may require temporary tariff protection until the industry matures. D) the industry has no potential and must be protected to survive.
When is a hypothesis accepted?
a. if it uses plausible abstractions b. if it uses general assumptions c. if it fits well with the facts. d. if it reflects a complex view