The ratio of the percentage change in quantity demanded to the percentage change in income is known as the cross elasticity of demand
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following must be true if average total cost is rising?
a. Average fixed cost must be rising. b. Total fixed cost must be rising. c. Average variable cost must be falling. d. Marginal cost must be greater than average total cost.
If $1 is equal to 120 yen, then 1 yen is equal to approximately
A) $1.20 B) $0.94 C) $0.83 D) $0.0083 E) none of the above
A government subsidy to an industry having increasing returns to scale in order to capture international market share is an example of
a) an embargo b) a boycott c) strategic trade policy d) the Prebisch-Singer hypothesis e) import substitution
A temporary decrease in the price of oil would be considered a:
A. long-run supply shock. B. demand shock. C. short-run supply shock. D. The changing price of oil would not affect any of these.