Suppose the price of gas increases by 20%. Will demand be more elastic if consumers have 3 weeks or 3 years to adjust to this price change?
3 years
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Consider the production possibilities frontier in the figure shown. As more and more cars are produced the opportunity cost of producing more cars:
A. decreases.
B. stays the same.
C. increases.
D. decreases then increases.
The observation that consumer purchases of walnuts decline as the price rises reflects:
a. a decrease in demand. b. the law of demand. c. an increase in demand. d. the law of supply.
What are the major risks facing multinational corporations?
What will be an ideal response?
What does the unemployment rate represent?
(A) The percentage of the total population that is not employed. (B) The total number of people who are unable to find work. (C) The total number of people who are not employed. (D) The percentage of the total labor force that is unemployed.