Economists often refer to risk-free ventures as
A. break-even propositions.
B. efficient market outcomes.
C. those with no opportunity costs.
D. profit opportunities.
Answer: D
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Suppose the quantity demanded is 5 units when the price is $1.00. If the price rises to $2.00, the quantity demanded falls to 3 units. The price elasticity of demand is
A) 0.5. B) 0.75. C) 1.33. D) 2.00.
Deep integration
A) is easier to achieve than shallow integration. B) is less controversial than shallow integration. C) does not require changing domestic policies unrelated to tariffs and quotas. D) requires cooperation with other national governments or international bodies. E) can be implemented unilaterally.
A perfectly elastic demand curve will:
a. be a vertical straight line. b. be a downward sloping straight line. c. be a horizontal straight line. d. be an upward sloping straight line.
What makes production planning a daunting task for central planners?
What will be an ideal response?