Other things constant, political instability in a poor nation tends to reduce
A) the money supply of the nation.
B) the rate of return required to attract foreign investment.
C) the level of foreign investment in the nation.
D) interest rates in the nation.
C
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The price elasticity of demand for a printer is estimated to be 1 . This means that an increase in price by 10% will
a. Increase quantity demanded by 10% b. Decrease quantity demanded by 10% c. Increase demand by 10% d. Decrease demand by 10%
Which of the following is most sensitive to the business cycle?
a. nondurable goods b. durable goods c. services d. transfer payments e. land
Which of the following best exemplifies a firm with a zero economic profit?
a. A hair salon that is making a small profit after expenses, but whose owners feel they could make more money by closing the business and getting different jobs. b. A bike shop that makes enough of a profit that its owners feel it is worth the time and money they put into the business. c. A cleaning service that is just getting started and does not yet have enough customers to cover the firm’s expenses. d. A popular restaurant with revenues that greatly exceed expenses and whose owners are planning to expand into a chain.
Marginal utility is the change in:
A. total utility when an extra unit of output is produced. B. marginal utility when an extra unit of output is consumed. C. total utility when an extra unit of output is consumed. D. average utility when an extra unit of output is consumed.