Productive inputs capable of replacing themselves if harvested at moderate rates are known as:
A. renewable natural resources.
B. natural capital.
C. nonrenewable natural resources.
D. fossil fuels.
Answer: A
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Use the above figure. When the price increases from $2 to $10, the absolute price elasticity of demand is
A) 0.67. B) 1.50. C) 0.25. D) 1.00.
If Real GDP was $8,742 billion in year 2 and it had been $8,509 billion in year 1, what was the approximate economic growth rate during this time period?
A) 9.73 percent B) 2.67 percent C) 3.58 percent D) 2.74 percent
Refer to the information provided in Figure 6.4 below to answer the question(s) that follow.
Figure 6.4Refer to Figure 6.4. Bill's budget constraint is AC. If the bell peppers price increases, Bill's budget constraint will
A. swivel toward AD. B. swivel toward AB. C. remain at AC. D. The budget constraint is not depicted on the diagram.
Algebraically, the relationship between imports and income can be written as
A. Y = mIM. B. IM = m/Y. C. IM = Y/m. D. IM = mY.