If the percentage increase in price is 15 percent and the value of the price elasticity of demand is -3, then quantity demanded
A) will increase by 5 percent. B) will decrease by 5 percent.
C) will increase by 45 percent. D) will decrease by 45 percent.
D
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If a union threatens to strike during a peak demand period, it is more likely to
a. Have its conditions accepted b. Have its conditions rejected c. Get laughed at d. All of the above
An oligopolist's effective demand curve will be kinked if the firm
a. is acting as a price leader in the industry. b. expects other firms to match price cuts but not price increases. c. expects other firms to match all price changes. d. fears new entry into the industry.
In which of these years was the U.S. poverty rate the highest?
A. 1960 B. 1970 C. 1980 D. 1990
In a closed economy, imports are ______ and exports are ______.
a. positive; negative b. negative; positive c. zero; zero d. positive; zero