If the percentage change in the quantity demanded of a good is less than the percentage change in price, price elasticity of demand is:
A. elastic.
B. inelastic.
C. perfectly inelastic.
D. unitary elastic.
Answer: B
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In 2015, the average height of adult males in the United States was
A) 5' 7.0". B) 5' 9.5". C) 6' 0.0". D) 6' 4.75".
Which of the following is true?
a. The balance of payments is like a sources and uses of funds statement. b. The balance of payments includes only transactions for which there are financial payments. c. The balance of payments is calculated at a point in time (e.g., amounts at year's end). d. None of the above is correct.
An optimum currency area is a geographic region
A) with inflation near zero. B) that allows exchange rates to float. C) that has fixed exchange rates. D) for which the benefits of having a common currency exceed the costs.
Perfectly competitive firms always earn economic profits in the short run.
Answer the following statement true (T) or false (F)