If the price of a product increases from $10 to $12 and the quantity demanded decreases from 40 to 30, then according to the total-revenue test, the product is price elastic in this price range.
Answer the following statement true (T) or false (F)
True
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Explain how not knowing whether someone will vote naively or strategically could make vote manipulation through agenda setting more difficult
What will be an ideal response?
________ are a form of regional integration where member countries lower internal trade barriers and establish a common barrier against nonmembers
A) Customs unions B) Free trade areas C) Reciprocal trade agreements D) None of the above.
The natural real GDP will ________ following a rise in energy prices because
A) rise; labor productivity increases. B) fall; labor productivity increases. C) fall; real wages are flexible and employment is less attractive relative to leisure. D) B and C are both correct.
The Dominican Republic has a comparative advantage in the production of tobacco, and Panama has a comparative advantage in the production of oranges. If both countries specialize based on the theory of comparative advantage
A. only the consumption of both goods will increase. B. the production and consumption of both goods will increase. C. only the production of tobacco will increase. D. only the production of both goods will increase.