The higher the price elasticity, the
A. less sensitive quantity demanded is to price changes.
B. more sensitive price changes are to quantity demanded.
C. less sensitive price changes are to quantity demanded.
D. more sensitive quantity demanded is to price changes.
Answer: D
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If the average annual growth rate in real GDP for a nation during the last decade was 4 percent per year and the average annual population growth rate was 3 percent per year during the same period, then the average annual growth rate of per capita
GDP was A) 1.00 percent. B) 1.33 percent. C) 0.75 percent. D) -1.00 percent.
Suppose the price of a movie falls from $9 to $7. Using the midpoint method, what is the percentage change in price?
A) 33 percent B) -33 percent C) 25 percent D) -25 percent E) -97 percent
According to the Coase theorem, if bargaining costs are small, then there will be an efficient solution to the problem of toxic waste
a. if the creator of the toxic waste is assigned the property rights b. if the victim of toxic waste is assigned the property rights c. regardless of which party is assigned the property rights d. if the property rights are shared equally between the creator and the victim of toxic waste e. in the form of a pollution tax
Which of the following statements is correct?
a. Productivity is a determinant of human capital per worker. b. Technological knowledge is a determinant of productivity. c. Human capital and technological knowledge are the same thing. d. All of the above are correct.