The use of strategic bombing by the Allies during World War II:
a. caused a marked decrease in Axis munitions production.
b. caused Germany to divert significant resources to air defense.
c. used the various air forces as an aid to the ground or sea forces.
d. was intended to attack the civilian population.
e. Only b and d are correct.
e. Only b and d are correct.
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Assume that when the price of cantaloupes is $2.50 the demand for cantaloupes is unit-elastic, and that the demand curve for cantaloupes is linear and downward sloping
If firms lower the price of cantaloupes to $2.00 which of the following statements can be made regarding the price elasticity of demand for cantaloupes? A) The demand for cantaloupes at $2.00 must be elastic. B) The demand for cantaloupes at $2.00 must be unit elastic. C) We cannot determine whether the demand for cantaloupes is elastic or inelastic without knowing what the quantity demanded is at each price. D) The demand for cantaloupes at $2.00 must be inelastic.
Assume that firms A and B have the same minimum efficient scale of operation and, at current production levels, both firms are incurring the same average costs of production. However, firm A's output is 5 times larger than firm B's output
How is this possible?
The money demand curve shifts to the right when
a. there is an increase in the riskiness of interest-bearing assets. b. there is a decrease in the interest rate. c. income decreases. d. income increases. e. both a and d.
In the short run, a change in the equilibrium price will
A) always lead to inflation. B) cause a shift in the demand curve. C) cause a shift in the supply curve. D) cause a change in the quantity demanded or supplied.