If the cross-price elasticity of demand between shrimp and oysters is 4, then a 2% decrease in the price of shrimp will result in a(n) ________ in the quantity of oysters demanded.
A. 2% increase
B. 8% decrease
C. 4% decrease
D. 0.5% decrease
Answer: B
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Refer to Figure 13.1. Assume the voting method used to select a location for the recreation center is the instant runoff method. With this method, each voter ranks the towns in order of preference, from first to fourth
The town with the fewest first-place votes will be eliminated, and anyone who voted for that town will have their first-place vote transferred to the town they liked next best. This process continues until only one town is left, and that town will be declared the winner. With this method, the first town to be eliminated is A) Desert Sands. B) Glacier Cove. C) Mountain View. D) Oceanside.
Anything of value owned by a person or a firm is
A) an asset. B) owner's yield. C) a liability. D) wealth.
The Bretton Woods System of exchange rates was established:
a. to solidify support for the then-existing gold standard. b. to peg the worldwide price of silver to the price of gold. c. in Europe before World War II to establish a flexible exchange rate regime. d. in the United States in 1944 to develop a gold exchange standard. e. by a mechanism that made gold the reserve currency of the system.
In recession years, ________ jobs are lost than created, and vacancies and job openings ________.
A. fewer; increase B. more; decline C. fewer; decline D. more; increase