. Economists use the percentage change in quantity rather than the absolute change in quantity because:
A. percentage changes are easier to calculate than absolute changes.
B. the measured elasticity is the same regardless of the unit of measurement for quantity.
C. absolute changes are confusing to convert.
D. absolute changes often result in negative numbers.
B. the measured elasticity is the same regardless of the unit of measurement for quantity.
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Productivity gains in the United States since 1990 have been ________ productivity gains in other leading industrial nations
A) the same as B) higher than C) lower than D) more variable than
Negative cross-price elasticity of demand indicates that
a. the product is an inferior good b. the product is a necessity c. the product is a luxury d. the two products are substitutes e. the two products are complements
The term human capital refers to education, training and experience
Indicate whether the statement is true or false
Production Possibility Schedules for Two South Pacific Island NationsKiribatiTuvaluMangoesCoconutsMangoesCoconuts30001,20002004008001,2001008004002,40001,20003,600In Tuvalu, the opportunity cost of producing one coconut (in terms of mangoes) is:
A. 3. B. 0. C. 1/3. D. 400.