What percentage of the world population lives in low-income countries?
a. 10 percent
b. 11.8 percent
c. 15 percent
d. 20 percent
b. 11.8 percent
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If with a small decrease in the price of a good, the quantity supplied falls to zero, the supply of the good is said to be:
A) unit elastic. B) inelastic. C) perfectly inelastic. D) perfectly elastic.
What is the principal-agent problem? What are three ways in which firms try to cope with it?
What will be an ideal response?
The graph shown demonstrates a tax on buyers. How many fewer units are being sold due to the imposition of a tax on this market?
A. 6
B. 9
C. 3
D. 12
A decrease in a consumer's income
a. increases the slope of the consumer's budget constraint. b. has no effect on the consumer's budget constraint. c. decreases the slope of the consumer's budget constraint. d. has no effect on the slope of the consumer's budget constraint.