The majority of the elderly can live comfortably on the assets they have accumulated
Indicate whether the statement is true or false
F
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Consider the market for bicycles. If a dealer cuts prices by 10 percent and sells 20 percent more bikes, then demand for bicycles is
a. inelastic, and total revenue will increase. b. elastic, and total revenue will increase. c. inelastic, and total revenue will decrease. d. elastic, and total revenue will decrease.
For each watch Denmark produces, it gives up the opportunity to make 50 pounds of cheese. Germany can produce one watch for every 100 pounds of cheese it produces. Which of the following is true with regard to opportunity costs in the two countries?
a. The opportunity cost of producing watches is lower in Denmark. b. The opportunity cost of producing cheese is lower in Denmark. c. The opportunity cost of producing watches is identical in both countries. d. It is impossible to compare opportunity costs because the two countries use different currencies. e. In Germany the opportunity cost of producing one pound of cheese is one watch.
"The United States should adopt more open trade policies because they historically have caused increased economic growth." This is an example of what kind of statement?
A. Normative B. Positive C. Unequivocally false D. Unequivocally true
If output is falling and unemployment is rising, the economy must be in a(n)
A. depression. B. contraction. C. expansion. D. hyperinflationary period.