How do you calculate a percentage change in quantity if given an elasticity of demand and a percentage change in price?
What will be an ideal response?
Since demand elasticity is the absolute value of percentage change in quantity divided by percentage change in price, then percentage change in quantity is equal to elasticity times percentage change in price.
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Critics of government frequently assert that special interest groups favor transfer policies rather than economic growth policies.
Answer the following statement true (T) or false (F)
Which of the following countries hold the most U.S. Treasury securities?
a. Japan and China b. Taiwan and Brazil c. United Kingdom d. Belgium e. Switzerland
Dollarization is associated with each of the following, except:
A. adopting the monetary policy of the country whose currency is being used. B. the central bank no longer has the ability to be the lender of last resort. C. slower integration into world markets. D. the loss of revenue from printing currency.
According to economist Julian Simon,
A. legal and illegal immigrants have a positive effect on the welfare of American citizens. B. legal immigrants have a favorable impact on the welfare of American citizens, but illegal immigrants have a negative impact that almost exactly offsets the positive effect of the legal immigrants. C. legal immigrants have a favorable impact on the welfare of American citizens, but illegal immigrants have a negative impact. However, the positive effect of the legal immigrants is stronger than the negative impact of the illegal immigrants. D. legal and illegal immigrants have a negative effect on the welfare of American citizens.