If the price of a cola increased by 12% and consumers responded by purchasing 24% less cola, the absolute value of price elasticity of demand for cola would be
A) 0.20.
B) 1.2.
C) 2.
D) 0.5.
Answer: C
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A) from 1960 to 1965. B) from 1965 to 1979. C) in the 1980s. D) in the 1990s.
The existence of money makes trade easier. How is it that money can also increase the standard of living?
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A. To collect information on the imports and exports of nations and issue a world report on the conditions of trade B. To monitor trade between the three major trading nations of the world economy, the United States, Germany, and Japan C. To oversee trade agreements reached by member nations and rule on trade disputes among these nations D. To conduct meetings for major multinational corporations so that they can increase the amount of investment and trade in the global economy
The profits of the leader in a Stackelberg duopoly:
A. are greater than those of the follower. B. are less than those of a Sweezy oligopolist. C. equal those of the follower. D. are less than those of the follower.