Air quality in most U.S. cities has ____ since World War II
a. worsened
b. improved
c. remained unchanged
d. improved slightly before a recent deterioration
b
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If the price of food falls by 10 percent and the quantity sold increases by 5 percent, then the price elasticity of demand in that range equals
a. 2, and demand is elastic b. 0.5, and demand is elastic c. 2, and demand is inelastic d. 0.5, and demand is inelastic e. 15, and demand is elastic
Entrepreneurial ability is defined as the ability to ______.
a. invent economic goods that will change society b. inspire others to reach their professional potential c. negotiate the lowest prices for scarce resources d. develop new products or production processes
Marginal benefit refers to:
A. the average benefits that arise by using an additional unit of the managerial control variables. B. the change in average benefits arising from a change in the control variable. C. the additional benefits that arise by using an additional unit of the managerial control variables. D. None of the statements associated with this question are correct.
In economists' models, technological advance occurs in:
A. the very long run. B. either the short run, long run, or very long run. C. manufacturing industries but not in service industries. D. pure competition but not in monopolistic competition, oligopoly, and pure monopoly.