A horizontal line always has a slope of one
a. True
b. False
Indicate whether the statement is true or false
False
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The cab fare in Horseville is regulated. Recently, the government decided to raise it from $2.00 to $2.50 per ride. After this rise in fare, cab ridership decreased by 10 percent
a) What is the price elasticity of demand for cab rides in Horseville? (Use the midpoint formula to calculate the percentage change in the price.) Is the demand for rides elastic or inelastic? b) According to your estimate, what happened to the cab drivers' revenue after the fare rose? Explain. c) Why might your estimate of elasticity be inaccurate?
Government borrowing in any given year is equal to the budget ___________________.
a. deficit b. surplus c. total d. amount
Briefly explain how a natural monopoly arises
Which nation achieved the ideal communist society as described by Marx?
a. Castro's Cuba b. Stalin's Soviet Union c. No nation has achieved Marx's vision of communist society. d. Mao's China