Refer to Figure 18.2. Macadamia has a comparative advantage in the production of
A) spears. B) fishing poles.
C) both spears and fishing poles. D) neither spears nor fishing poles.
B
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A tariff refers to a limit on the number of goods that can be imported to a country
Indicate whether the statement is true or false
When price was 5, quantity demanded was 10. When price increased to 6, quantity demanded decreased to 9. Therefore, when price increased, total revenue
A. decreased from 54 to 50, indicating that demand is inelastic. B. decreased from 54 to 50, indicating that demand is elastic. C. increased from 50 to 54, indicating that demand is inelastic. D. increased from 50 to 54, indicating that demand is elastic.
Suppose you observe that minor changes in supply seem to cause dramatic changes in price. You would conclude that
a. demand is unit elastic b. demand is elastic c. demand is inelastic d. demand is perfectly inelastic
Briefly describe revealed preference and stated preference as means of determining the value of a statistical life.
What will be an ideal response?