In 1970 our imports and exports added together were __________ percent of GDP.
Fill in the blank(s) with the appropriate word(s).
10
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Purchasing blueberries at a store that are $2.50 per carton or 2/$5 is an example of what type of price discrimination?
A. First-degree price discrimination B. Second-degree price discrimination C. Third-degree price discrimination D. It is not price discrimination.
How would expansionary monetary policy affect the AD curve?
A) It would become more static. B) It would shift to the left. C) It would fall. D) It would shift to the right.
Government action can usually perfectly correct the market’s shortcomings.
Answer the following statement true (T) or false (F)
If the price of a product increases by 5 percent and the quantity demanded decreases by 5 percent, then the elasticity of demand is
A) 0. B) 1. C) indeterminate. D) 5. E) 25.