A price-discriminating monopolist will set a higher price when demand is more elastic and a lower price when demand is less elastic.
Answer the following statement true (T) or false (F)
False
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The "expansion" of an economy occurs after
A) firms produce more goods. B) a trough. C) people spend more money. D) an inflationary period.
The following table shows the units of output a worker can produce per month in country A and country B. Country Food Electronics Country A 20 5 Country B 12 4 The opportunity cost of I unit of food in country A is
A. ¼ of a unit of electronics. B. ½ of a unit of electronics. C. 1/3 of a unit of electronics. D. All of these.
Since the 1980s, the United States has been the dominant net lender in the world.
Answer the following statement true (T) or false (F)
How are the fundamental economic decisions determined in North Korea?
A) The United Nations decides because North Korea is a developing economy. B) These decisions are made by the country's elders who have had much experience in answering these questions. C) Individuals, firms, and the government interact in a market to make these economic decisions. D) The government decides because North Korea is a centrally planned economy.