Taco Bell's economists determine that the price elasticity of demand for their tacos is 2.0. So, if Taco Bell raises the price of its tacos by 6.0 percent, the quantity demanded will decrease by ________ percent
A) 2.0
B) 3.0
C) 6.0
D) 12.0
D
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A higher population growth rate can potentially lead to a higher rate of growth in per capita real GDP if
A) it leads to an increase in the amount of dead capital. B) young workers replace older workers. C) there is a greater labor force participation rate. D) it leads to greater democracy in a nation.
If the number of unemployed workers in an economy is 4 million, and the size of the labor force in the economy is 16 million, the unemployment rate in the economy is:
A) 8 percent. B) 4 percent. C) 30 percent. D) 25 percent.
The demand for wheat from farm A is perfectly elastic because wheat from farm A is
A) a perfect complement for wheat from farm B. B) a normal good. C) a perfect substitute for wheat from farm B. D) an inferior good.
Which of the following terms is not associated with a market having a firm whose behavior has been judged to be characteristic of the dominant firm model?
a. godfather b. price leadership c. kinked demand curve d. profit maximization e. oligopoly