Between 1890 and 1914, the gold stock of the world doubled, but world prices fell during this time
Indicate whether the statement is true or false
False
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Discouraged workers are included in the calculation of the
i. unemployment rate. ii. labor force participation rate. iii. working-age population. A) i only B) ii only C) i and ii D) iii only E) ii and iii
A fruit retailer buys 50 pounds of apples from the wholesale market every day. The retailer has observed that 20% of the apples bought each time are not of good quality
Because it is not possible for the retailer to check each apple before buying, how much should he pay for each pound if he values good apples for $1.40 per pound while he has a value of zero for bad quality apples? A) $1.12 per pound B) $1.20 per pound C) $1.40 per pound D) $2 per pound
The price elasticity of demand is the __________________ change in the quantity demanded of a good or service divided by the percentage change in the price.
a. quantity b. percentage c. relative d. absolute
If the marginal cost curve is below the average total cost curve, average total cost must be ____.
Fill in the blank(s) with the appropriate word(s).