The actual value of the price elasticity of demand is always
A) positive because of the law of demand.
B) negative because of the law of demand.
C) positive because of diminishing marginal utility.
D) negative because percentages can only be negative.
B
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If Robinson makes 40 purses or 5 wallets per week, and Chamberlin makes 16 purses or 2 wallets per week, then
A) neither Robinson nor Chamberlin stands to gain by specialization and exchange. B) both would gain through exchange if Robinson specialized in purses, Chamberlin in wallets. C) both would gain through exchange if Robinson specialized in wallets, Chamberlin in purses. D) only Robinson would gain through specialization and exchange.
If the demand for a product decreases and the supply of the same product decreases, the equilibrium price will decrease
Indicate whether the statement is true or false
Deflation in the United States would tend to make the exchange value of the dollar depreciate
a. True b. False Indicate whether the statement is true or false
Capital deepening refers to
a. the rise in the ratio of capital to labor b. the rise in the ratio of capital to output c. infrastructure investment d. more unprofitable investment following upon unprofitable investment e. heavy industry construction