Elected government officials ________ support ________ monetary policies
A) always; contractionary
B) tend to; expansionary
C) always; expansionary
D) tend to; contractionary
B
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When the price of hot dogs is $1.50 each, 500 hot dogs are sold every day. After the price falls to $1.35 each, 510 hot dogs are sold every day. At the original price, what is the price elasticity of demand for hot dogs?
A. 0.2 B. 66.67 C. 2 D. 5
The opportunity cost of producing a good is the additional labor cost incurred to produce an extra unit of the good.
Answer the following statement true (T) or false (F)
Price ceilings cause
a. Some suppliers to drop out of the market b. A decrease in the total production in the market c. The creation of black markets d. All the above
Who determines rationality?
a. the person observing the choice b. the person making the choice c. the person providing the choice d. the person affected by the choice