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In Exhibit 3-11, in Panel A the movement from point A to point C describes a(n):
A. ambiguous change in price and a decrease in quantity.
B. increase in price and an ambiguous change in quantity.
C. increase in both price and quantity.
D. decrease in both price and quantity.
Answer: D
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Different measurements of elasticity include:
A. income elasticity of demand, income elasticity of supply. B. price elasticity of demand, price elasticity of supply. C. cross-price elasticity of demand, income elasticity of supply. D. preference elasticity of demand, cross-price elasticity of supply.
Opportunity cost:
a. applies only to consumption decisions. b. applies only to production decisions. c. is the same as monetary costs. d. exists because of scarcity. e. is irrelevant for wealthy economies.
In 2010, the United States had a nominal GDP of $14,958 billion and a real GDP of $13,598 billion, what was the GDP deflator?
a. 100 b. 109 c. 110 d. 111
Which of the following is a public good?
a. railroads b. genetic diversity c. a space station d. military aircraft e. commercial aircraft