Suppose a community is debating how much money to spend on improvements to the high school. The members of the community who have children advocate spending $20 million to make improvements. The remaining 60% of the community thinks the high school is just fine and does not want to spend anything. What will the outcome be?
$0 spent on improvements to the high school
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The number of logging firms increases. Which of the figures above best illustrates this change?
A) Figure A B) Figure B C) Figure C D) Figure D E) Figure A and Figure D
A firm can find a competitive advantage
A) by differentiating its product. B) by having a barrier to entry. C) through its organizational structure. D) all of these choices.
For which of the following purchases would the absolute price elasticity of demand be greatest?
A) a luxury sedan B) utilities C) chewing gum D) a smartphone
The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.