In wealthy countries such as the United States, the price elasticity of the demand for food is ________ it is in poorer countries.
A. greater than
B. less than
C. the same as
D. None of these; it is not possible to make international comparisons of price elasticity.
Answer: B
You might also like to view...
Refer to the payoff matrix below. If each cell has a probability of occurrence of 0.25, what are Camp with Us' expected profits?
Camp with Us and Happy Campers compete in the market for campers. Each firm must decide each season if they are going to offer special financing or not. The above payoff matrix shows each firm's net economic profit at each pair of strategies.
A) $8.50
B) $4.25
C) $5.75
D) $7.25
Refer to the accompanying figure. If Pat and Chris were to specialize in the task in which each has a comparative advantage:
A. both Pat and Chris would plant bulbs because they both have an absolute advantage in that task. B. Pat and Chris would each spend half of their time each task. C. Chris would remove trash and Pat would plant bulbs. D. Chris would plant bulbs and Pat would remove trash.
Which of the following classical views is (are) accepted by supply-side economists?
a. In the intermediate run, growth of capital, labor, and technology determine output. b. The dislike of government intervention in the economy c. changes in output are primarily driven by changes in the natural rate of output. d. Both a and b. e. all of the above.
The V in the equation of exchange represents the:
a. variation in the GDP. b. variation in the CPI. c. variation in real GDP. d. average number of times per year a dollar is spent on final goods and services.