Elasticity is a measure of the responsiveness of change in quantity demanded to a change in price
a. True
b. False
Indicate whether the statement is true or false
True
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When many residents own automobiles that can handicap urban transportation services
Indicate whether the statement is true or false
Suppose you bank at Bank A and you write a check to your friend, who banks at Bank B. After the check clears, _____
a. both Bank A's and Bank B's assets increase b. both Bank A's and Bank B's assets decrease c. Bank A's assets increase and Bank B's assets decrease d. Bank A's assets decrease and Bank B's assets increase e. there is an increase in the Federal Reserve's assets
Of the 2.2 million working farms in the U.S., _________ of them produce more than $5,000 worth of agricultural products.
A. one quarter B. half C. three quarters D. one third
Economic theory states that losing comparative advantage in one good means creating a comparative advantage in another. This suggests that:
A. those who experience the transition may find it difficult in the short run. B. in the long run people may not like it, but no one will complain in the short run. C. outsourcing will always be good for every member of a society. D. it can be seen as a success in the short run.