Refer to the information provided in Table 21.8 below to answer the question(s) that follow. Table 21.8
Refer to Table 21.8. The value for GDP in billions of dollars is
A. 950.
B. 1,030.
C. 1,050.
D. 1,110.
Answer: C
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When the price of Cosmopolitan magazine decreases from $5 to $3, the quantity demanded increases from 600,000 to 1,000,000 copies each month. Using the midpoint method, the price elasticity of demand equals
A) 1. B) 3. C) 2. D) 1/3. E) 1/2.
Restrictions on the importation of tomatoes reduce the supply available to the U.S. domestic market. Studies indicate that the demand for tomatoes is elastic. Compared to a free-trade situation, the import restrictions cause
a. higher tomato prices and an increase in consumer expenditures on tomatoes in the United States. b. lower tomato prices and an increase in consumer expenditure on tomatoes in the United States. c. lower tomato prices and a reduction in consumer expenditure on tomatoes in the United States. d. higher tomato prices and a reduction in consumer expenditure on tomatoes in the United States.
Half of long-term external debt of developing countries is
A. sovereign debt. B. debt overhang. C. private debt owed by individual citizens. D. rescheduled debt.
What problems can high inflation rates cause for the economy?
What will be an ideal response?