Using the midpoints formula, what would be price elasticity of demand for a gallbladder operation if the number of operations fell from 6,000 to 4,000 per week after its price increased from $6,000 to $10,000?
a. 0.25.
b. 0.50.
c. 0.80.
d. 1.25
c
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If interest rates, prices, and output are all rising, then according to the Keynesian model, these changes must be caused by
a. an increase in aggregate supply. b. a shift to the right of the LM curve. c. a shift to the right of the LM curve. d. a shift up in the IS curve. e. none of the above.
Which of the following is true of Antitrust policy?
a. Antitrust policy prohibits agreements that allow free trade. b. Antitrust policy restricts abusive behavior by a firm dominating a market. c. Antitrust policy allows anti-competitive practices. d. Antitrust policy restricts subsidies in goods and services. e. Antitrust policy creates trade barriers like tariffs and quota.
A factor market is any place or process where
A. Finished services are bought and sold. B. Land, labor, or capital is bought and sold. C. Finished goods are bought and sold. D. None of the choices are correct.
The base period is the time period used for comparative analysis for the calculation of real GDP.
Answer the following statement true (T) or false (F)