If a 20 percent decrease in the price of chicken results in a 10 percent increase in the quantity demanded, the price elasticity of demand has a value of
a. 0.5
b. 2
c. 1
d. 0.1
e. none of these
A
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In 1973 and again in 1979, the Organization of Petroleum Exporting Countries (OPEC) raised the world price of crude oil and increased their revenue as well. Which of the following is a TRUE statement regarding these OPEC price hikes?
A) Their revenue increased because the demand for oil was income inelastic. B) Their revenue increased because the demand for oil was price inelastic. C) Their revenue would have increased regardless of income elasticity or price elasticity because oil is an imported product for most nations. D) Their revenue only increased because oil was already very expensive.
Explain the essential difference between fixed and flexible exchange rate systems
The age of mass production, which began in the United States during the early years of the 20th century, was the ______ phase of the Industrial Revolution.
A. first B. second C. third D. fourth
If the price of the dollar changes from 100 Japanese yen to 120 Japanese yen, the dollar has appreciated
Answer the following statement true (T) or false (F)