If gas prices today were $2.00 per gallon, in terms of history, this would be
A. not an all-time high but rather high in inflation-adjusted terms.
B. an all-time high in nominal terms.
C. about the long-inflation-adjusted term historical average in inflation-adjusted terms.
D. an all-time high in inflation-adjusted terms.
Answer: A
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A tax is imposed on the sale of a product. As long as neither the supply nor the demand is perfectly elastic or inelastic
A) there is no change in the price paid by the consumers. B) the price paid by the consumers increases by the full amount of the tax. C) the price paid by the consumers increases by less than the amount of the tax. D) the price paid by the consumers increases by more than the amount of the tax.
The International Communication Network which is the successor of GATT settles trade disputes among its member countries
a. True b. False Indicate whether the statement is true or false
Dana, a recent graduate with a degree in economics, turned down a job offer paying $50,000 a year and instead chose to become an entrepreneur. He borrowed $15,000 from a bank at a 10 percent interest rate and that was sufficient to pay for all his equipment, materials, and labor. Dana's accountant told him that the business generated a total revenue of $70,000 in the first year. How much of a
return on his entrepreneurial ability did Dana earn? a. $7,000 b. $20,000 c. $18,500 d. $50,000 e. $70,000
The __________ the opportunity cost of doing something, the __________ likely a person will do that something
A) lower; less B) lower; more C) higher; more D) higher; less E) b and d