Refer to the table above. Which country is likely to have the highest percentage of children between 7 and 14 who are working?
A) Country A B) Country B C) Country C D) Country D
B
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Suppose the University of Oklahoma increases the price of student football tickets for the 2012 season by 30 percent. If the price elasticity of demand for student tickets is 1.22, the price increase leads to
A) a 36.6 percent decrease in the quantity demanded. B) a 30 percent decrease in the quantity demanded. C) a 1.22 percent decrease in the quantity demanded. D) a 28.78 percent decrease in the quantity demanded. E) no change in the quantity demanded.
When the economy suffers a permanent negative supply shock and the central bank responds by changing the autonomous component of monetary policy to keep inflation at the target inflation rate, then
A) aggregate demand curve shifts leftward. B) aggregate demand curve shifts rightward. C) output will be unchanged. D) both A and C.
Which of the following is true if the opportunity cost of producing a particular good is less than its accounting profit?
A. Economic profit is zero. B. Economic profit is negative. C. Economic profit is positive. D. Economic profit cannot be determined.
Another word for elasticity is
a. sensitivity b. happiness c. bonus d. profit e. surplus