By measuring the price elasticity of demand in terms of percentage changes, economists are able to compare the way consumers respond to changes in the prices of different products
a. True
b. False
Indicate whether the statement is true or false
True
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Copper falls into which factor of production category?
A) land B) labor C) capital D) entrepreneurship
Efforts by firms to secure patents increase the amount of competition in the affected markets
Indicate whether the statement is true or false
Consider the relationship given by QCars = 100 + 4 × PCars - 2 × PSteel - 0.2 × PWorkers, where QCars is the quantity of cars supplied (in thousands), PCars is the price of cars (in thousands of dollars), PSteel is the price of steel, and PWorkers is the wage earned by autoworkers. If the price of steel is $10 per unit and the price of workers (the wage) is $20, what is the supply curve for cars?
A. QCars = 124 + 4 × PCars B. QCars = 100 + 4 × PCars - 2 × PSteel - .2 × PWorkers C. QCars = 100 + 4 × PCars D. QCars = 76 + 4 × PCar
If the government has a $100 million budget deficit, private saving is equal to $500 million, private investment is equal to $300 million, what is the value of the current account in equilibrium?
A) $100 million surplus B) $700 million surplus C) $100 million deficit D) $700 million deficit