The price elasticity of demand for oranges ________ change if the units of the quantity was changed from pounds to kilograms and ________ change if the units of the price was changed from dollars to cents
A) would; would
B) would; would not
C) would not; would
D) would not; would not
D
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Suppose a U.S. citizen invests $1,000 to purchase a one-year Japanese bond that has an interest yield of 10 percent. If the dollar appreciates 20 percent against the Japanese yen by the maturity date, the dollar value of the proceeds is _____
a. $900 b. $1,100 c. $1,300 d. $1,500 e. $1,200
In the long run an oligopoly:
A. may be able to earn positive economic profits. B. will produce on the portion of the demand curve where demand is price-inelastic. C. will always produce in the range of decreasing returns to scale. D. will always produce less than a monopoly.
Which of the following is NOT a private cost?
A) the health insurance costs a firm must pay for its employees B) the pollution caused by a firm dumping its wastes into the river C) the coffee pot that Jan dropped and broke this morning D) the amount that a firm must pay for raw materials to make its product
When Congressional decision makers chose not to raise taxes to fight the war on terrorism, they
A. borrowed the money, but the opportunity cost still existed in the form of higher interest rates and/or crowding out. B. showed that borrowed money has no opportunity cost. C. showed opportunity cost exists by eliminating Social Security. D. showed that there is no opportunity cost to defense spending when you are required to spend it.