Refer to Figure 6-7. Using the total revenue test to verify the price elasticity between points a and b on the demand curve, demand is
A) perfectly inelastic. B) perfectly elastic. C) elastic. D) unit-elastic.
D
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The economy is at full employment when all unemployment is ________
A. structural B. cyclical C. structural and cyclical D. structural and frictional
How much will a car, which currently sells for $30,000, cost in 10 years if the inflation rate is 5% per year, and car makers are able to increase prices with the inflation rate (rounded to nearest dollar)
a. $45,000 b. $45,500 c. $48,314 d. $38,403 e. $48,867
Which of the following situations represents an economic problem?
a) A student trying to decide how to spend his weekly allowance. b) A country choosing to sacrifice some privacy in order to gain more security. c) Neither situation is an example of an economic problem. d) Both situations are examples of an economic problem.
The opening of export markets for primary products can provide employment for previously underutilized land and labor. The term for this is
(a) vent for surplus. (b) comparative advantage. (c) Prebisch-Singer thesis. (d) barter trade.