Answer the next question on the basis of the following demand schedule.PriceQuantity Demanded$615243342516The price elasticity of demand is unit-elastic (based on the midpoint formula)
A. over the entire $6 to $4 price range.
B. over the entire $3 to $1 price range.
C. throughout the entire price range because the slope of the demand curve is constant.
D. in the $4 to $3 price range only.
Answer: D
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According to the paradox of value, expensive goods, such as gemstones, provide consumers with
A) high total utility and low marginal utility. B) low total utility and low marginal utility. C) low total utility and high marginal utility. D) high marginal utility and high total utility.
Which of the following statements is TRUE about the success of the World Bank?
A) The World Bank has been successful because it has focused on its primary function of making loans to governments. B) The World Bank has not been successful because it has focused on making loans to governments where there has been a loss of confidence in a nation's financial system. C) The World Bank has not been successful because many loans have been made to countries that can attract private funds. D) The World Bank has been very successful in promoting economic growth because loans have been primarily made to countries that have trouble attracting private funds.
If a country runs a deficit in its current account, it is because
a. exports exceed imports b. imports exceed exports c. net unilateral transfers are negative d. foreign currency received from exports and transfers exceeds the foreign exchange needed to pay for imports and to make unilateral transfers e. foreign currency received from exports and transfers is less than the foreign exchange needed to pay for imports and to make unilateral transfers
If the equilibrium price of compact discs is $12, but a price ceiling of $9 is imposed, there is likely to be a surplus of compact discs
Indicate whether the statement is true or false