Recently, there has been little political stability in Brazil
Indicate whether the statement is true or false
FALSE
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Specialty chocolate bars with a high cocoa content have been drawing a lot of attention in gourmet circles in 2008 but the price of cocoa beans has increased more than 44 percent in this time period
In response to the increase in the price of cocoa beans, Rogue Chocolatier has increased the price of their gourmet chocolate bars by 20 percent. Rogue observes the quantity of their bars sold decreased by 15 percent. Based on this news clip, what does the price elasticity of demand for gourmet chocolate bars equal? A) 0.75 B) 1.25 C) 1 D) 0.66
Suppose we have an economy for which G = 300, T = 240, S = 80, I = 45, and imports = 40. Exports must be
A) 25. B) 40. C) 15. D) 65. E) -25.
The origin of classical economics was based on the book written by
A. John Maynard Keynes. B. Milton Friedman. C. Karl Marx. D. Adam Smith.
Which of the following is true?
A. The production possibilities curve indicates that it will be impossible to expand total output with the passage of time. B. As long as resources are scarce, output cannot be increased. C. The size of the economic pie is fixed, and therefore, if one individual has more income, others must have less. D. Over time, the output of goods and services can be increased through human ingenuity and discovery of better ways of doing things.