The population growth rate is 1 percent in Maria’s country and 3 percent in Daniel’s country? Which statement about their countries is most likely true?
a. People in Daniel’s country are generally wealthier than people in Maria’s country.
b. Families in Maria’s country have better access to medical care than families in Daniel’s country.
c. Women in Maria’s country have lower opportunity costs associated with raising children than women in Daniel’s country.
d. Women in Daniel’s country are generally better educated than women in Maria’s country.
b. Families in Maria’s country have better access to medical care than families in Daniel’s country.
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Suppose that the price elasticity of demand for a product is -1 and that the price elasticity of supply is +1 . Assume also that the income elasticity of demand is +2 . Then an increase in income of 10% will raise equilibrium price by:
a. 10%. b. 5%. c. 20%. d. an annual amount that cannot be determined.
The following is an example of risk aversion
a. those applying for a well-paid job tend to be unqualified b. more reckless drivers opt for cars with fewer safety devices c. the contractor with the lowest bid for a is the most qualified d. Initial Public Offerings (IPOs) seek investors when prospects look good
When the overall price level in an economy increases, the interest rate in that economy tends to increase as well. This increase in the interest rate makes investing in domestic assets look more attractive than investing in assets in other countries, so the demand for foreign assets decreases. This is called the _____
a. interest rate effect b. exchange rate effect c. wealth effect d. accelerator effect
Suppose Sam's Shoe Co. makes only one kind of shoe, which sells for $50 a pair. If they sold 500,000 pairs of shoes, and had a total cost of $1,000,000, what was the company's profit?
A. $40,000,000 B. $24,000,000 C. $1,500,000 D. Not enough information is given to calculate profit.