In Table 1, Tony's income elasticity of demand for pizzas is
A) 0.
B) less than zero.
C) greater than 1.0.
D) 1.0.
C
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The imaginary figure who advises us whether society is making the most of its scarce resources is the
A) opportunity-cost pixie. B) benevolent social planner. C) scarcity goddess. D) compassionate dictator.
In considering the criteria for an ideal voting system, the idea of an irrelevant alternative refers to:
A. when an option is added to a vote and is unrelated to the issue being voted on. B. different voting methods that could alternatively be used, but would not change the outcome. C. when an option is added to a vote and has no realistic chance of winning. D. different voting methods that could alternatively be used, and could change the outcome.
One way of organizing two periods of panel data is to have only one record per cross-sectional unit.
Answer the following statement true (T) or false (F)
If a country is a net importer of a good, the price of that good will ________ when the economy goes from closed to open for trade.
A. increase B. stay the same C. decrease D. first increase then decrease