Suppose that the percentage change in supply is 20%, the price elasticity of demand is 3, and the percentage change in the equilibrium price is 4%. What is the price elasticity of supply?
A. 0
B. 2
C. 4
D. 5
Answer: B
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One shortcoming of real GDP as an indicator of society's social well-being is that it fails to take into account the:
A. growth in productivity. B. increase in the quantity of goods. C. change in the price level. D. non-market production.
Our most important trading partner is _____________.
Fill in the blank(s) with the appropriate word(s).
Suppose that the real Gross Domestic Product (GDP) growth rate for a country was 5 percent and the population growth rate was 3 percent. What would the per capital real Gross Domestic Product (GDP) growth rate be for this country?
A) -8 percent B) -2 percent C) 2 percent D) 8 percent
When there is an excess supply of a product in an unregulated market, the tendency is for
A. quantity demanded to decrease. B. price to rise. C. price to decrease. D. quantity supplied to increase.