Elasticity measures the
A) percentage change in a variable.
B) slope of a curve.
C) change in a variable.
D) responsiveness of a variable to a change in another variable.
D
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If High Tech, a computer manufacturer, has a contract with Big Chips, a computer chip manufacturer, to produce the computer chips needed for High Tech's computers, this is an example of ________.
A) forward integration B) outsourcing C) divestiture D) backward integration
What is the Nash equilibrium of this game?
a. Both of them clean the apartment b. John cleans, Joe doesn't c. Joe cleans, John doesn't d. Neither of them clean the apartment
If an additional worker costs you $15 per hour and can add 10 units per hour of output to the firm, you should hire that person as long as
A. demand for your product is increasing and you sell in a competitive market. B. the product price is at least $1.50. C. the value of marginal product is between $10 and $14. D. the marginal product of the worker is greater than the value of the marginal product.
Three-wheel cars made in North Edsel are sold for 5000 pounds. Four-wheel cars made in South Edsel are sold for 10,000 marks. The real exchange rate between North and South Edsel is four three-wheel cars for three four-wheel cars. The nominal exchange rate between the two countries is
A. 0.50 marks/pound. B. 1.50 marks/pound. C. 0.66 marks/pound. D. 2.00 marks/pound.