Centrally planned economies are able to cope with environmental pollution issues much better than capitalist countries
a. True
b. False
Indicate whether the statement is true or false
False
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If the price of gasoline rises by 20 percent and consumption of gasoline falls 5 percent,
A. demand is elastic. B. demand is unit elastic. C. demand is inelastic. D. elasticity of demand cannot be calculated.
If the price of golf balls increases, what will likely happen to the demand for golf club manufacturing employees?
A) It will increase. B) It will decrease. C) It will stay the same. D) Nothing, the two are not related.
The short-run macro model
a. relies on the market-clearing assumption b. is used primarily for long-run analysis c. is used primarily for short-run analysis d. focuses on the supply of and demand for resources e. focuses on fluctuations in the financial markets to explain fluctuations in real GDP
Voluntary trade promotes economic progress because it
a. encourages individuals to become self-sufficient. b. benefits buyers at the expense of sellers. c. makes larger outputs possible as a result of specialization. d. moves goods, services and resources from people who value them more to individuals who value them less.