Suppose price increases from $7.00 to $13.00. Using the mid-point formula, the percentage change in price is:
A. 0.6 = 60 percent.
B. 70 percent.
C. 130 percent.
D. -.0.6 = -60 percent.
Answer: A
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Competitive pricing is efficient because
A) the price that consumers pay reflects the opportunity cost to society of producing the good. B) firms make positive economic profits in long-run equilibrium. C) average revenue equals average cost. D) firms produce above the minimum efficient scale.
Markets tend to produce too little of an excludable public good because
A) transaction costs are high. B) of the lack of rivalry. C) these goods are depletable. D) All of the above.
Suppose the actual budget deficit remains unchanged when the economy falls into a recession. This is an indication that
A) fiscal policy was used during the recession. B) monetary policy was not used during the recession. C) fiscal policy was not used during the recession. D) monetary policy was used during the recession.
Using the information in the table above, calculate the unemployment rate
A) 53.3 percent B) 30.8 percent C) 13.3 percent D) 7.7 percent