Refer to the above table. The price of Y decreases from $18 to $15. What is the cross price elasticity of demand between Y and X?
A) -0.73
B) -1.0
C) +1.38
D) +1.83
C
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For firms that sell one product in a perfectly competitive market, average revenue will:
A. increase if marginal revenue is greater than it. B. decrease if marginal revenue is greater than it. C. always be the same as marginal revenue. D. always be greater than average total cost.
If a market economy was in a recession, which of the following would help direct it back toward the full employment rate of output?
a. an increase in the rate of inflation b. lower resource prices and lower real interest rates c. higher resource prices and higher real interest rates d. a decrease in the natural rate of unemployment
According to the theory of the invisible hand, if buyers and sellers are free to pursue their own self-interest, the result often will be:
A. an efficient allocation of resources. B. an equitable allocation of resources. C. the exploitation of productive resources. D. an incomplete allocation of resources.
The skills and knowledge gained by a worker through education and experience are ____________ .
a. production possibilities. b. physical capital. c. human capital. d. entrepreneurial.