The absolute price of beef in Japan is $10.00 per pound and the absolute price of tuna is $5.00 per pound then the relative price of tuna in terms of beef is
a. one-half.
b. two.
c. fifteen.
d. fifty.
a. one-half.
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Suppose the production of a good results in negative externalities. If all costs are taken into account, then
A. output will occur at the socially optimal level. B. the price of the product will be higher than if all costs are not taken into account. C. more output will be produced than if all costs are not taken into account. D. a and b E. a, b, and c
If the absolute value of the own price elasticity of steak is 0.4, a decrease in price will lead to:
A. an increase in total revenue. B. no change in total revenue. C. a reduction in total revenue. D. None of the statements is correct.
You decide to donate $5 to Jerry's Kids at the grocery store checkout, and get to sign your name to a shamrock and hang it in their window. This is an example of the economic concept of:
A. selfishness. B. marginal utility. C. reciprocity. D. altruism.
As currently calculated, the CPI tends to overstate the true inflation rate because
A) we cannot know what the true inflation rate is. B) it fails to correctly measure quality changes for some products. C) the market basket selected is inappropriate. D) the market basket fails to weigh housing costs sufficiently.