Which of the following is most likely to be TRUE?
A) Income elasticity of demand for fur coats exceeds that of oatmeal.
B) Income elasticity of demand for oatmeal exceeds that of fur coats.
C) Income elasticity of demand for fur coats equals that of oatmeal.
D) It is not possible to make any prediction about relative income elasticities.
A
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"Cost disease" refers to the tendency for low productivity in the service sector to lead to higher costs in those industries
Indicate whether the statement is true or false
The international agreement signed in 1947 to promote world trade by reducing tariffs and other barriers to international trade was called
A) GATT. B) NAFTA. C) WTO. D) Bretton-Woods agreement.
If both the MU and MC of flower pots is $1.50 and the MU and MC of coffee cups is $2, then economic efficiency would require
a. increased production of flower pots. b. increased production of coffee cups. c. the price of coffee cups to exceed the price of flower pots. d. the price of flower pots to exceed the price of coffee cups.
What was the per capital income level for the United States in 2011?
a. $28,100 b. $38,100 c. $48,100 d. $58,000