Elasticity of demand is calculated using percentage changes in both price and quantity.
Answer the following statement true (T) or false (F)
True
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How does the production of a U.S. firm located in France affect U.S. GDP? How does the production of a French firm located in Ohio affect U.S. GDP?
What will be an ideal response?
Game theory tells us that in the ultimatum game:
A. the threat to reject is credible and is expected to increase the amount given. B. the threat to reject in not credible, and is not expected to increase the amount given. C. the threat to reject is credible, but is not expected to increase the amount given. D. the threat to reject in not credible, but still is expected to increase the amount given.
Studies shows that income elasticity of demand for food is
A) less than 1, but greater than 0. B) more than 1, but less than 2. C) less than 0. D) more than 2.
The benefits from free trade are not evenly distributed throughout an economy t/f
a. true b. false