Suppose that the price of eggs increases from 75 cents to $1.00 per dozen and as a result a typical farmer experiences a decrease in egg sales from 300 to 200 dozen per week
Using the method of average values, the absolute price elasticity of demand is A) 1.4.
B) 0.8.
C) 3.0.
D) 1.75.
A
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The economy pictured in the figure below has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; B B. recessionary; C C. recessionary; A D. expansionary; A
How does Gordon integrate the exogenous factors affecting economic growth into the production function for an economy?
A) Y = A(G,R,H) F(K,P,T,N) B) Y = A(G,P,T) F(K,R,H,N) C) Y = A(G,P,T,R) F(K,H,N) D) Y = A(P,T,K) F(G,R,H,N)
In his book, An Inquiry into the Nature and Causes of the Wealth of Nations, Adam Smith described a visit he made to a
a. car factory. b. pin factory. c. washing machine factory. d. farm.
If the purchasing power of your debt is increasing over time, we know that the:
A. inflation rate is greater than the nominal interest rate. B. real interest rate is negative. C. nominal rate of interest is positive. D. real interest rate is positive.