________: percent change in quantity supplied with respect to a percent change in the price of the product
Fill in the blank(s) with correct word
Elasticity of supply
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Refer to the scenario above. Which of the following will happen if she sells it for $200, and the total cost incurred by her in making the dress was $150?
A) GDP will increase by $50. B) GDP will increase by $180. C) Trade surplus will increase by $200. D) GDP will remain unchanged. Sarah takes care of her son instead of sending him to a day care which charges $12,000 annually.
What is produced and consumed in the economy is determined jointly by
A) government policies and the economy's productive capacity. B) the economy's productive capacity and the preferences of consumers. C) the preferences of consumers and the behavior of business managers. D) the behavior of business managers and government policies.
An overall fall in prices in the economy is called:
A. inflation. B. deflation. C. core inflation. D. core deflation.
Opportunity cost always arises when a trade-off decision is made
a. True b. False Indicate whether the statement is true or false