Jane has $500 a week to spend on clothing and food. The price of clothing is $25 and the price of food is $10. Jane spends her entire income when she purchases ________ units of clothing and ________ units of food.
A. 16; 8
B. 12; 20
C. 25; 5
D. 10; 10
Answer: B
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Firms in perfectly competitive industries are unable to control the prices of the products they sell and earn a profit in the long run. Which of the following is one reason for this?
A) Firms from other countries are able to produce similar products at lower costs. B) Firms in perfectly competitive industries can use advertising in the short run to persuade consumers that their products are better than those of other firms. But eventually consumers realize that all of the firms sell virtually identical products. C) Firms in these industries sell identical products. D) Owners of perfectly competitive firms realize that their short-run profits are temporary. Therefore, they either sell their businesses or develop other products that will earn short-run profits.
If the absolute price elasticity of demand for concert tickets is 0.75, an increase in ticket prices will
A) increase total revenue. B) decrease total revenue. C) not change the elasticity of demand. D) not change total revenue.
When a country pursues its comparative advantage:
A. World output is minimized. B. Potential gains from trade are minimized. C. Potential gains from trade are maximized. D. Imports and exports are equal.
OPEC stands for
A. Organization of Petrol Exploiting Companies. B. Organization of Petroleum Exporting Countries. C. Oil Producing and Exploiting Countries. D. Oil and Petroleum Exporting Companies.