At the midpoint of a linear, downward-sloping demand curve, the price elasticity of demand is
A) greater than one.
B) equal to one.
C) less than one but greater than zero.
D) zero.
E) infinite.
B
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Inflation is measured by examining the percent increase in the ________ from one year to the next.
A. CPI B. price of gas C. GDP growth D. nominal GDP
Voluntary trade promotes economic progress because it
a. encourages individuals to become self-sufficient. b. benefits buyers at the expense of sellers. c. makes larger outputs possible as a result of specialization. d. moves goods, services and resources from people who value them more to individuals who value them less.
Globalization, the development of new technology, changes in consumer demand, and the discovery of new resources are all causes of _____.
(A) Cyclical unemployment (B) Structural unemployment (C) Frictional unemployment (D) Seasonal unemployment
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. For this economy to move from Point A to Point B, ________ additional OLED TVs could be produced when the production of LCD TVs is reduced by 30.
A. exactly 20 B. more than 20 C. fewer than 20 D. exactly 90