What is the price of cars if this were a closed economy?

A. $14,000/car
B. $10,000/car
C. $6,000/car
D. $8,000/car


Answer: A

Economics

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In the above figure, the movement from point a to point b reflects

A) a decrease in the price of pizza. B) an increase in the demand for pizza. C) an increase in the number of people who eat pizza. D) an increase in the price of the tomato sauce used to produce pizza. E) a decrease in the number of firms producing pizza.

Economics

Customers often complain about the high price of accessories for their cell phone including batteries, chargers and head sets. Often these items can cost even more than the price of the phone

Explain using price elasticity why this might be the case.

Economics

The introduction of human capital to the Solow neoclassical growth model ________ the predicted rate of return on investment in rich countries relative to poor countries

A) increases B) reduces C) may either increase or reduce D) has no effect on

Economics

The principle of diminishing marginal product states:

A. the total output produced increases as the quantity of the input increases. B. the marginal product of an input decreases as the quantity of the input increases. C. the marginal product of an input eventually will be negative. D. the total output produced decreases as the quantity of the input increases.

Economics