In order to raise the rate of economic growth the United States needs to
A. Spend more on consumer goods.
B. Use older, tried and true technology.
C. Have its consumers save less.
D. Have its business firms invest more.
D. Have its business firms invest more.
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If a lower price for a Pepsi decreases the demand for a Coke, the cross elasticity value for Pepsi and Coke is
A) definitely negative. B) definitely equal to zero. C) definitely positive. D) definitely greater than one. E) possibly negative, positive, or zero, but there is not enough information to decide.
The above figure shows the demand and cost curves facing a monopoly. Maximum profit equals
A) $0. B) $100. C) $1,000. D) $2,500.
If the quantity demanded of good x rises by 3% and, in response, your income goes up by 2%, the income elasticity of demand would be:
a. 1.5 b. 6 c. 3 d. .20
An increase in the price of an input to a perfectly competitive industry will: a. increase price and reduce the number of firms
b. increase price and increase the number of firms. c. increase price and have an ambiguous effect on the number of firms. d. reduce the number of firms and have an ambiguous effect on price.