Which statement is true?
A. The APC plus APS may be greater than 1, but never less than 1.
B. The APC plus APS may be less than 1, but never greater than 1.
C. The APC plus APS may be greater than 1 or less than one.
D. APC and APS added together must equal to 1.
D. APC and APS added together must equal to 1.
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What is the distribution of the world's population between the developed nations and developing nations? What is the distribution of income between these two groups and their consumption as a percentage of world income?
What will be an ideal response?
Total utility: a. generally diminishes as consumption of a good increases. b. always increases as consumption increases
c. increases only as long as marginal utility increases. d. increases as long as marginal utility is positive.
Refer to the accompanying graph. What is the price elasticity of demand at point A?
A. 3 B. 2 C. 0.2 D. 0.33
Trade barriers should be removed to promote the welfare of the country. This is a(n)
A) positive statement. B) negative statement. C) inverse statement. D) normative statement.