If the demand for a steak is unit elastic, then
A) the percentage change in quantity demanded is 100 percent greater than the percentage change in price (in absolute value).
B) quantity demanded does not respond to changes in price.
C) the percentage change in quantity demanded is equal to the percentage change in price.
D) the percentage change in quantity demanded is 1 percent greater than the percentage change in price.
C
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The primary goal of the European Central Bank is
A) price stability. B) exchange rate stability. C) interest rate stability. D) high employment.
Which of the following central banks does not have an explicit inflation target?
a. The Bank of England b. The Federal Reserve c. Swiss National Bank d. European Central Bank e. The Reserve Bank of India
Voluntary agreements about cleaning up pollution attempt to
A. internalize private costs. B. externalize private costs. C. internalize externalities. D. externalize social costs.
A perfectly competitive firm ________ at the level of output where P = ATC.
A. breaks even B. earns an economic profit C. suffers an economic loss D. shuts down