In the figure above, what is the point price elasticity of demand when price is $60?
A. -0.50
B. -2.00
C. -1.00
D. -0.75
E. -1.60
Answer: C
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The value of a country's exports during a particular year was $610,000 and the value of its imports was $995,000. Which of the following is true?
A) The country ran a fiscal deficit of $605,000 during that year. B) The country ran a trade surplus of $385,000 during that year. C) The country ran a trade deficit of $385,000 during that year. D) The country ran a budget surplus of $1,605,000 during that year.
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What will be an ideal response?
In a simplified circular flow model with no government, in equilibrium, S = I + (X ? IM)
a. True b. False Indicate whether the statement is true or false
It will cost Avery $5 to buy a sandwich and $50 to get his hair cut. Based on this information, Avery knows that a haircut has the same value as 10 sandwiches. This best exemplifies money’s function as a ______.
a. unit of account b. means of deferred payment c. medium of exchange d. store of value