The article "Samsung Stung by Apple Moves" related to the price cuts for the iPhone indicates that
A. The percentage change in the quantity demanded for the substitute cell phones was increasing less than the percentage change in the price.
B. The demand for the iPhone was inelastic.
C. The cross-price elasticity for iPhones and other cell phones produced by Samsung was negative.
D. Apple lowered the price for the iPhone because the cross-price elasticity between it and the other competitors was positive.
Answer: D
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Most surveyed economists support Fogel and Engerman's (1974) position that plantation owners were largely rational and treated slaves in their best profit interest
Indicate whether the statement is true or false
The school of thought that emphasizes the natural tendency for an economy to move toward equilibrium full employment is known as the:
a. Keynesian school. b. supply-side school. c. rational expectations school. d. classical school.
Monetary policy includes changes in government spending
a. True b. False Indicate whether the statement is true or false
In 1960 the per capita GDP of Hong Kong was substantially less than that of Argentina and Venezuela. By 2005, the per capita income of Hong Kong was more than three times the figures for Venezuela and Argentina. This dramatic change occurred because
a. Venezuela and Argentina lacked the natural resources of Hong Kong. b. the United States provided aid to Hong Kong but not to Argentina and Venezuela. c. Hong Kong was able to achieve and sustain a high rate of economic growth while the growth rates of Argentina and Venezuela were exceedingly low. d. Hong Kong was a developed country in 1960, but Argentina and Venezuela were not.