If the quantity demanded of hamburgers increases by 20 percent when the price decreases by 5 percent, then the price elasticity of demand is
A) 0.25.
B) 4.0.
C) 20.0.
D) 5.0.
B
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Workers in the United States are ________ workers in China because ________
A) more productive than; workers in the United States have more capital per worker. B) more productive than; there are more college-educated workers in the United States. C) less productive than; the labor force participation rate is lower in the United States. D) less productive than; there are fewer workers in the United States. E) equally as productive as; China's real GDP per person equals the U.S. real GDP per person.
Suppose the current level of real GDP is below the full-employment level of real GDP. Which of the following represents a fiscal policy action that could be implemented to reduce the size of this recessionary gap?
A. Increase the money supply. B. Decrease interest rates. C. Increase government spending. D. all of these
Which of the following is the BEST example of a natural monopoly?
A. airline B. electric utility C. wheat farm D. coffee shop
Over time, the general movement in the United States has been toward
A. relatively more free trade. B. higher tariffs and stricter import quotas. C. managed trade. D. complete elimination of tariffs, import quotas, and export subsidies.