The price of a good will be demand determined if
A. the supply of the good is perfectly elastic.
B. the demand for the good is unit elastic.
C. the supply of the good is perfectly inelastic.
D. the demand for the good is perfectly inelastic.
Answer: C
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A higher price level would mean ____ for a person who has a bank deposit of $2 million
a. an increase in real income b. a decrease in real wealth c. a decrease in nominal income d. an increase in nominal income
Voting in the World Bank is based on
a. the UN Millennium Development Goals. b. the member's financial contributions. c. the concept of one state/one vote. d. the country's per capita GDP.
The basic truth that underlies the study of economics is the fact that we all face:
A. Death B. Taxes C. Risk D. Scarcity
In the above figure, the opportunity cost of moving from point A to point C is
A. 50 guitars. B. 50 ukuleles. C. 0 guitars. D. 25 guitars.