Demand for items people do not really need for their survival, such as cars, is generally ________ than demand for items such as water.
A. higher
B. lower
C. more elastic
D. less elastic
Answer: C
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Suppose that when a perfectly competitive firm produces 1,000 units of output, its total variable cost is $1,900. If the marginal cost of producing the 1,000th unit is $1.70, and if the market price of each unit of output is $1.70, then the firm should:
A. shut down. B. increase output. C. raise its price. D. continue to produce 1000 units.
List the three main sources of economic development
What will be an ideal response?
The central government of Vervia believes that the economy is headed toward an economic slowdown, with all the major parameters of economic growth showing signs of slowing down. In such a satiation, the central bank of the economy is likely to: a. start buying government bonds. b. increase the discount rate
c. start selling government bonds. d. increase the reserve requirement.
Which of the following is typically not a problem for low-income DVCs?
A. Capital flight. B. "Brain drains" C. High saving rates that slow aggregate demand growth. D. Poor infrastructure.