An action at which it is possible to marginally increase or decrease an activity level is called:
A. an interior action.
B. a boundary action.
C. a marginal improvement action.
D. a marginal action.
A. an interior action.
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Differentiate between perfectly elastic supply and perfectly inelastic supply. When the price of a good is $100, 50 units are supplied. When the price increases to $300, 250 units are supplied. Calculate the price elasticity of supply of the good
What will be an ideal response?
Using the midpoints formula, what would be price elasticity of demand for a gallbladder operation if the number of operations fell from 6,000 to 4,000 per week after its price increased from $6,000 to $10,000?
a. 0.25. b. 0.50. c. 0.80. d. 1.25
Which of the following statements is not consistent with the "environmental explanation" of wage and productivity?
a. "Women are more likely than men to leave the labor force to care for children and hence acquire less work experience than do men." b. "Blacks and other minorities do not receive, on average, the same quality of education as whites." c. "Boys are more likely than girls to receive moral and financial support from their families to attend college." d. "Employers discriminate systematically against blacks and women."
If Boliva's terms of trade changes from 1.00 to 1.20, it implies that
a. Bolivia is exporting more than it's importing b. Bolivia is importing more than it's exporting c. Bolivia's export prices have risen relative to its import prices d. Bolivia has lost the comparative advantage in the production of goods e. Bolivia now has an absolute advantage in the production of goods