If GDP is expected to increase at a steady rate of 3% per year, how many years would it take for living standards to double?
a. 10
b. 20
c. 24
d. 30
c
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Assume a firm lowers price below marginal cost to deter entry
A) This strategy is not credible. B) This strategy is credible. C) This strategy is illegal. D) This strategy is immoral.
Usually, price elasticities of supply are
A) positive, because higher prices yield larger quantities supplied. B) considered short-run adjustments due to supply constraints. C) ordinarily a negative number based on the law of supply. D) an inverse relationship between price and quantity supplied.
Which of the following is the formula for the elasticity of Y with respect to X?
A. E = (percent change in Y)/( percent change in X) B. E = (percent change in X)/(percent change in Y) C. E = (change in Y)/(change in X) D. E = (change in X)/(change in Y)
College-age athletes who drop out of college to play professional sports
a. are not rational decision makers. b. are well aware that their opportunity cost of attending college is very high. c. are concerned more about present circumstances than their future. d. underestimate the value of a college education.