A government wants to reduce electricity consumption by 10%. The price elasticity of demand for electricity is -0.1. The government must ________ the price of electricity by ________.
A. lower; 20%
B. raise; 100.0%
C. raise; 10.0%
D. raise; 1.0%
Answer: B
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Because workers in the United States work fewer hours per week, on average, than they did over 100 years ago
A) GDP is lower than it would be if U.S. workers worked the same workweek they had 100 years ago. B) workers in the United States are worse off than they were over 100 years ago. C) GDP is higher than it would be if U.S. workers worked the same workweek they had 100 years ago. D) workers in the United States earn less income than they did over 100 years ago.
Productivity growth can be measured ________
A) by dividing output by Kt0.3 Lt0.7 B) by adding the contributions from capital growth and labor growth C) by subtracting the contributions from capital growth and labor growth from the growth of output D) by dividing the growth of output by the contributions from capital growth and labor growth
In 1768-72, the top ten commodity exports of the thirteen colonies included all of the following except
a. tobacco b. bread and flour c. fish d. horses e. All of the above were among the top ten exports.
The story in the text about playing tennis outside even though you paid for an inside court illustrates which of the following?
A. Rational choice analysis is what comes naturally to most people. B. Psychologically, people often do not treat sunk cost as irrelevant to a decision. C. People will make efficient decisions without knowing what they are doing. D. All of these are implied by the tennis court story.