We define net exports to be:
A. exports minus imports.
B. imports divided by exports.
C. imports plus exports.
D. imports minus exports.
Answer: A
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Using the economic way of thinking, what do a pencil, stick of gum, and balloon have in common?
A) Each is produced by a single person. B) Each is produced by a small number of people. C) Given the state of modern technology and high-speed processing, each can soon be produced without any human intervention at all. D) The production of any one of the goods mentioned above requires the voluntary cooperation of millions of producers and traders.
All of the following are true regarding the relationship between price elasticity of demand and total revenues EXCEPT
A) when market demand is elastic, if the market price declines, then total revenues will rise. B) when market demand is unit elastic, if the market price rises, then total revenues will not change. C) when market demand is inelastic, if the market price falls, then total revenues will decrease. D) when market demand is inelastic, if the market price rises, then total revenues will decrease.
Given a linear curve, the value on the y-axis changes from 120 to 100 when the value on the x-axis changes from 5 to 10, then the slope of that curve is
A. -20. B. +4. C. -4. D. +20.
Define a sole proprietorship
What will be an ideal response?