Which of the following is NOT a factor that determines the price elasticity of demand?
A) the amount that suppliers have made available
B) the percentage of a consumer's total budget spent on the good
C) the existence of substitutes
D) the length of time allowed for adjustments to change in the price of the commodities
Answer: A
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A woman who decides to drive to work rather than take the bus
A) is wasting scarce resources. B) is behaving inefficiently. C) thinks driving is more economically efficient for her. D) is probably paying attention to personal comfort and convenience rather than economic efficiency.
Input-output analysis is rarely used because
A. it requires tremendously complex calculations. B. it requires large amounts of data. C. market economies can instead rely on the price mechanism to organize production. D. All of the responses are correct.
These are the cost and revenue curves associated with a firm.
Assuming the firm in the graph shown is producing Q1 and charging P3, it is likely showing the cost and revenue curves of a monopolistically competitive firm that is:
A. earning negative economic profits. B. making positive economic profits. C. in long-run equilibrium. D. All of these statements are true.
As of 2016, the European Union was composed of ______ countries.
A) 12 B) 15 C) 28 D) 22