Relative scarcities are indicated by
A) supply and demand being out of equilibrium.
B) surpluses.
C) excess demand and excess supply.
D) relative prices.
D
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Refer to the Article Summary. All else equal, a depreciation of the Chinese yuan relative to a currency such as the U.S. dollar should ________ the current account balance in China and therefore ________ the financial account balance in China
A) increase; increase B) increase; decrease C) decrease; decrease D) decrease; increase
All of the following products are likely to have significant network externalities except
A) cat food. B) cell phones. C) Twitter. D) popular board games.
Refer to the following figure. When price is $15 and quantity demanded is 1,000, what is the point elasticity of demand?
A. -3 B. -2/3 C. -1/3 D. -1 E. -5
Suppose a vote was taken among 7 district representatives about how much of the city budget should be spent on tourism advertising. Two prefer it to be 10 percent, two prefer 15 percent, and three prefer 50 percent. According to the median voter theorem, the chosen amount to spend on tourism advertising is ________ of the budget.
A. 15 % B. 50 % C. 10 % D. 30 %