If the percentage change in quantity supplied is 0%, and the percentage change in price is 5%, then the good is
A. perfectly inelastic.
B. unit elastic.
C. elastic.
D. inelastic.
Answer: A
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The quantity supplied of a good or service is the
A) quantity produced at one price. B) one quantity produced at a variety of prices. C) list of all quantities at different prices, as illustrated by a supply schedule and a supply curve. D) list of all quantities at different prices, as illustrated by a demand schedule and a demand curve.
Kyle and Stan are playing Odds or Evens, where Kyle is designated as the "odd" player and Stan is designated as the "even" player. They decide to play the game 10 times If Kyle changes from a pure strategy of "shoot 2" and decides to "shoot 1" in two of the games, Stan would be best off if he
A) stuck with a pure strategy of "shoot 2." B) switched to a pure strategy of "shoot 1." C) stuck with a mixed strategy of "shoot 1" 50% of the time and "shoot 2" 50% of the time. D) switched to a mixed strategy of "shoot 1" more than 50% of the time and "shoot 2" less than 50% of the time.
The law of comparative advantages explains why
a. advanced nations will not trade with less-developed countries. b. an advanced nation will not trade with other countries. c. less-developed countries only trade among themselves. d. nations trade with each other, regardless of their relative levels of economic development. e. nations erect trade barriers.
Considering an economy with a current trade deficit and considering only the direct effect on income, an expansionary monetary policy tends to:
A. decrease the exchange rate and decrease the trade deficit. B. decrease the exchange rate and increase the trade deficit. C. increase the exchange rate and increase the trade deficit. D. increase the exchange rate and decrease the trade deficit.