Which of the following statements is true?
What will be an ideal response?
Efficiency implies that it is impossible to get more of one good without getting less of another.
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What determines potential GDP?
What will be an ideal response?
Refer to Figure 9-3. Without the quota, the domestic price of peanuts equals the world price which is $2.00 per pound. What is the quantity of peanuts supplied by domestic producers in the absence of a quota?
A) 10 million pounds B) 28 million pounds C) 30 million pounds D) 40 million pounds
If demand is unitary elastic, a price decrease results in
a. an increase in total seller's total revenue b. no change in total seller's total revenue c. a decrease in total expenditure on the good d. a decrease in quantity demanded of the good e. an increase in supply of the good
A useful rule of thumb called the "Rule of 70" states that if something grows at a constant rate of Z percent per year, it doubles in size approximately every __________ years
A) 70 - Z B) 70/Z C) Z/70 D) 70 × (Z/100)