Recall the Application about finding estimates of elasticities of demand to answer the following question(s).According to the Application, ________ has a website that provides estimates of demand elasticities for hundreds of food products for dozens of countries.
A. the U.S. Department of Agriculture
B. the U.S. State Department
C. the United Nations
D. the World Bank
Answer: A
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In surveying their alumni, State U's economics department discovered that ramen noodle consumption declined once students graduated and found jobs. One conclusion the survey team might draw from this result is that:
A. ramen noodles are an inferior good. B. there is excess demand for ramen noodles. C. college graduates have a high reservation price for ramen noodles. D. the equilibrium price for ramen noodles is too high.
If speculators believe a currency is undervalued, their trades in international exchange markets will
A) increase the surplus of the currency at the existing fixed exchange rate. B) increase the shortage of the currency at the existing fixed exchange rate. C) decrease the shortage of the currency at the existing fixed exchange rate. D) decrease the surplus of the currency at the existing fixed exchange rate.
Optimal decisions are made at the point where marginal cost equals zero
Indicate whether the statement is true or false
Refer to Figure 23-1. If the economy is at point L, what will happen?
A) Inventories have risen above their desired level, and firms decrease production. B) Inventories have risen above their desired level, and firms increase production. C) Inventories have fallen below their desired level, and firms increase production. D) Inventories have fallen below their desired level, and firms decrease production.