If the price of gasoline rises by 20 percent and consumption of gasoline falls 5 percent,
A. demand is elastic.
B. demand is unit elastic.
C. demand is inelastic.
D. elasticity of demand cannot be calculated.
Answer: C
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From 1960 to 2012
A) the U.S. economy roughly tripled in size. B) U.S. imports roughly tripled in size. C) the share of US Trade in the global economy roughly tripled in size. D) U.S. Imports roughly tripled as compared to U.S. exports. E) U.S. exports roughly tripled in size.
What is economic value of an exchange?
If a family's MPC is .7, it is:
a. Operating at the break-even point b. Necessarily dissaving c. Spending 70 percent of its income on consumer goods d. Spending seven-tenths of any increment to its income
Trade makes some people absolutely better off and others absolutely worse off in each of the trading countries. However, the gainers and losers in the short run are somewhat different from those in the long run, because more adjustment can occur in the long run.
Answer the following statement true (T) or false (F)