At a local ice cream parlor, when the price of half-gallons of chocolate ice cream was lowered by fifty cents per half-gallon, total revenue from the sale of chocolate ice cream decreased. This result indicates that
A) there are more people who like vanilla ice cream than there are people who like chocolate ice cream.
B) the demand for chocolate ice cream is inelastic.
C) the demand for chocolate ice cream is elastic.
D) None of the above answers is correct.
B
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The income elasticity of demand for vacations is 5. If incomes increase by 3 percent next year, the quantity of vacations demanded at today's price will increase by ________ percent
A) 3 B) 5/3 C) 15 D) 5
The 1991 Maastricht Treaty can be best described as
A) a peace treaty between Europe and the United States. B) an agreement for the accession of the Netherlands into the EU. C) an agreement for the creation of a free trade area. D) a provision for the introduction of a single European currency and European central bank. E) the beginning of a floating exchange rate European monetary system.
In terms of GDP, which of the following is an example of a final good?
a. rubber used to make automobile tires b. a tomato ready to be sold at a farmer’ s market c. tungsten mined to Utah d. oil drilled in the Gulf of Mexico
Accounting profit is equal to:
A. explicit revenue minus explicit measurable costs. B. implicit and explicit revenues minus implicit costs. C. explicit revenue minus implicit and explicit costs. D. implicit revenue minus implicit costs.