What is the opportunity cost of going from point D to point C?
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If the demand curve over a certain range is "price elastic," this implies that the:
a. percentage change in the quantity demanded exceeds one. b. percentage change in the quantity demanded exceeds the percentage change in product price. c. percentage change in price exceeds the percentage change in quantity demanded. d. product is non-reactive. e. product has no good substitute.
Describe the vicious cycle of poverty. What are the consequences of this cycle?
If the government increases its efforts to reduce illegal drugs which of the following would explain the possible unintended consequences—an increase in drug-related crimes.
a. More people will commit crimes as a result of the increased drug use b. Tough drug enforcement policies reduce the demand for illegal drugs. c. Drug addicts will have an even greater need for quick cash to support their habits. d. In the short run, both equilibrium quantities and prices will fall in the markets for illegal drugs.
In which of the following countries has economic growth been sufficiently high that income would double every ten years?
a. Singapore b. Nigeria c. India d. Indonesia