Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point E to Point A, the opportunity cost of hybrid cars, measured in terms of motorcycles
A. initially increases, then decreases.
B. increases.
C. decreases.
D. remains constant.
Answer: B
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Suppose a drought increased the price of corn by 25 percent while it decreased the quantity by 50 percent. The price elasticity of demand equals
A) 2.00. B) 0.50. C) 20.0. D) zero.
What is the present value of an infinite stream of annual payments of $10,000 per year if the first payment is received one year from today? Assume the interest rate is 10 percent
a. $100,000 b. $1,000,000 c. $10,000,000 d. $1,000,000,000
Someone unemployed for a long period of time due to technological change would be described as structurally unemployed.
Answer the following statement true (T) or false (F)
In the short run, nonprice rationing will happen whenever there is excess demand in a market.
Answer the following statement true (T) or false (F)