Which one of the following would be most compatible with the goals of the government to both improve economic growth and reduce the trade deficit?
What will be an ideal response?
an expansionary monetary policy
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Big Alice Ice Cream Parlor reduced its price of an ice cream cone from $1 to 90 cents. Sales consequently increased from 1,000 cones per week to 1,050 cones per week. The approximate price elasticity is
A. 0.20. B. 0.46. C. 2.16. D. 5.00.
The colonies traded internationally with regions other than the United Kingdom. They included all except
(a) Africa (b) China (c) West Indies (d) Southern Europe
Aiden must decide whether or not to go to law school. He knows that he can earn $50,000 per year with his bachelor's degree, but he expects to earn a minimum of $58,000 per year with the law degree. An economist would advise him to
a. take the job that just requires the bachelor's degree. b. go to law school, but only if he can finish within 3 years. c. go to law school. d. consider costs, revenues, and any nonmonetary job considerations he might have also.
Which of the following is not a common resource?
a. elephants in the wild b. a narrow trail in a park c. a neighborhood garden d. Neither a nor b is a common resource.