Price elasticity of demand is calculated as
a. the percentage change in quantity demanded divided by the percentage change in price
b. the percentage change in price divided by the percentage change in quantity demanded
c. the absolute change in quantity demanded divided by the absolute change in price
d. the absolute change in price divided by the absolute change in quantity demanded
e. none of the above
A
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In the above table, the total variable cost of producing 16 units of output is
A) $20. B) $60. C) $100. D) $120.
In the market for international loans, most countries, including the United States, are net borrowers
Indicate whether the statement is true or false
Intertemporal decisions involve economic decisions
A) made within a given period of time. B) made in between two periods of time. C) involving trade-offs across periods of time. D) that ignore concerns about the future.
In a supply-and-demand model of a labor market, which of the following should move toward an equilibrium wage and quantity?
a. cyclical unemployment b. the labor market c. the macro economy d. sticky downward wages